Is now the right time to buy a home or any real estate?
When it comes to answering the question of, "Is now the right time to buy a home?" This includes three specific property types:
- Single Family Homes - Detached residences
- Single Family Homes - Attached residences - such as SFR Duplexes (classified as SFR - Single Family Residences)
- Condominiums aka Condos - Typically apartment style housing. Established by only being single story and sharing multiple walls, floors and ceilings.
- Town-Homes - Also known as Town-Houses - These types of residential real estate are typically multiple stories, at least two, and commonly have no other residences above or below. They do share walls often with neighboring residences.
- Duplexes - Two units with a single property assessor's parcel number for the entire property.
- Triplexes - Three units with a single property assessor's parcel number (APN) for the entire property.
- Quadruplexes - Four units with a single property assessor's parcel number (APN) for the entire property.
During our tenure in real estate, starting as Licensed Realtors in 1998, we have always been truthful and honest with our clients.
There are times in a market where the bubble is obvious. Real Estate can only increase to a certain point until the eventual failing of the market becomes a reality.
Looking at interest rates - there are times when those are ultra low. This would indicate "economic health" and be a strong buyer signal, even if properties are close to peak prices.
Fitting your Budget. Another good question is whether or not you are able to afford the real estate that is for sale at the current pricing levels.
As an aside - being mortgage poor is something that cause pain, strife and stress.
Most real estate lenders will give you your Maximum Loan Capable financing amount. While this number is good for you to know - it maybe way too high for you to maintain - month after month and year after year.
Some people are better renting than owning real estate. We run into those types of people as well. They are way too transient and buying a home, besides the "equity advantages" can cost them too much money. Our suggestion to some in those shoes is to find seasonal renters