Buying a home is the largest investment you’ll make and should also be one of the most enjoyable. So when should you buy a new home? Answer: When you find that perfect home and you can afford it! In today’s market there are some that say it’s best to hold off due to appreciated values as well as the difficulty in getting your offer accepted in this hot market. We’re experiencing a significantly high demand due to low inventory. This results in multiple offers being made on homes though of course only one is accepted. This is frustrating to buyers , especially those that have made multiple offers in their efforts to buy a home.
However, it’s still a good time to buy if you have the patience and the ability to keep trying. With mortgage rates still hovering at historical lows, you can save yourself a lot of money over the course of a 30 year loan. According to a recent article on Realtor.com, buying in at these rates can save you over $100,000 over the life of a 30 year loan (Stults, 2015).
You can also save yourself money in the short term as well. If you’re renting, Instead of throwing money away at rent you’ll be building equity, get tax benefits and likely have a lower monthly mortgage payment than you currently may pay for rent.
So if you’re in a place where you’re ready to buy, it’s a good time to start looking so you can capitalize on savings.