Is the housing market going to cool down, level out or gain steam?
No one can say for sure what’s around the corner. If you're currently considering home ownership, here are a few points to consider:
- Do Your Homework - It's important to plan ahead so research local amenities and public transportation. Consider features like parks and schools if you’re planning to start a family.
- Financial Accountability - Ensure you're financially ready to buy a home. There are many other costs in addition to mortgage payments so know what you're getting yourself into.
- Go Pro - Have a real estate agent guide you through the process. Get a market analysis of the homes recently sold in the area you're interested in as well as an idea of community trends.
- Stick to Your Budget - Be sure to examine your individual needs and never overextend yourself financially. Make a list of the features that fit your family's lifestyle before looking at homes and stick to it.
- Think Straight - It’s normal for home buyers to experience a full range of emotions during the complex, real estate rollercoaster ride. House hunting should be fun so don’t take things personally or let your emotions rule every decision.
- Inspect the Unexpected - Just because you've checked over the house thoroughly doesn't mean all’s well behind the scenes. Making an offer conditional on a home inspection means there won't be any nasty, expensive surprises.
An uncertain real estate market can make it difficult to know whether you should hold off purchasing a home in case prices fall or jump right in before prices skyrocket. The time to buy is when your budget matches your needs so always consider your personal circumstances carefully before making decisions.