Thinking this is your year to buy a house?
Assuming you have gotten to this question from a bit of planning, you probably already have a budget in mind. Have you further explored the reality of your finances? Sure, savings and a down payment are one thing but it’s important that you’ve reviewed your monthly expenses before diving in. If you’re on the fence but have a complete budget in mind and think you’re ready to move forward, 2019 is absolutely a good time to purchase. There’s no indication that home prices will level off or decrease, so getting into the housing market as soon as you can is never a bad idea investment wise. If homes go up by 5% this year, the same house in 2020 could be 30-40k more, or higher. The key is to educate yourself on the market and be prepared to act when you see the right house.
Consider these things moving forward:
- Don’t be afraid of multiple offers. It costs you nothing unless you’re the winning offer.
- If you miss out, you can be assured that the next similar house will come on the market at that new higher price that was the winning bid.
- Know your budget and work within it.
- You may not be able to purchase your dream house in the first home. However, once you’re in the market you have a greater opportunity to build equity to ultimately move into your dream home.