Is this a good time to buy my first home?

By Kathy Schmidt, Broker/Owner, Schmidt Realty Group Inc.

That’s a question I get asked all the time. It doesn’t matter what the season is, and what’s happening in the economy, everyone understandably wants to make a good decision about buying a home. When you’re buying and selling in the same market, the timing can feel less critical because you’ll sell for more (or less) and then buy for more (or less), depending on the market. But first time buyers don’t have a home to sell to capitalize on a strong market, so it’s understandable if you’re wondering if now is the right time to take the leap to home ownership.

High competition for properties has caused a lot of buyers to sit on the sidelines, avoiding the stress of quick decisions and bidding wars. That’s fair!  With homes selling quickly, there’s not been a lot of “standing inventory” for buyers to choose from, and it can feel like a lot of pressure to see a house the first day it’s on the market and have to decide if it’s “the one”! High interest rates have caused some buyers to wait, as it was harder to qualify for a mortgage.

Here are 5 reasons why I think now is a good time to consider making your first purchase:

1. Interest rates* are coming down!  That means you’ll have more buying power. Even if you don’t intend to purchase up to your maximum approved amount, it’s nice to know that you’ve got wiggle room.
2. Rental costs are rising! While your monthly mortgage payment might initially be than your current rent, a year or two from now it might be the same or even less than your rent would be if you hadn’t purchased.
3. There are a lot of vacant properties for sale. Those homes become expensive to heat and more work to maintain in the winter. This means some sellers will be more motivated to negotiate with you so they’re not the one paying for heating and shoveling snow at an  empty house. Especially in November and December, you might buy that house for less than you would in February when spring is on the way.
4. There’s a cost to staying where you are. If your current home doesn’t suit your lifestyle, there’s a cost to that. It might not be easy to equate that precisely to dollars, but if you’re spending an extra 30 minutes commuting each way to work or driving kids to school, that’s an hour a day of your life that you can’t get back. Your time is even more valuable than money.
5. There’s something about owning where you live that’s pretty special. Not needing to ask permission to paint a wall feels pretty great.

If this makes sense to you, you’ll want to get started by finding out what properties have been selling for in your preferred area, and how fast they’ve been selling. This will help you figure out the right timing for you. We can get you market-wise quickly so you’ll understand what good value in a home looks like. And we’ll always have your back to make sure you’re making a purchase that meets the goals you shared with us.  Want more reassurance? Check out our LOVE IT OR LEAVE IT happiness guarantee 😉

*I’m a REALTOR®, not a mortgage expert.  Always speak to a qualified mortgage broker to get their professional advice on the best mortgage for you!