Is Now a Good Time to Buy a House?

Is Now a Good Time to Buy a House?

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If you're wondering if now is the right time to buy a house I would say absolutely, because we believe it's always a good time to buy a house. But honestly a lot of that depends on your personal finances and life goals. A better question may be are you ready to buy a house?

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Ask yourself these questions:

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Do I like my current living situation and is it working?

If you love where you live and can't imagine leaving, now may not be the right time for you. But if you're sick of living with roommates and working from your bedroom now may be the right time.

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Am I ready to settle down?

This doesn't need to be your forever home but you should stick around long enough to recoup the costs of buying a home. In a normal market we would typically say that's anywhere from 2-5 years.

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Do I have the money to buy a home?

This one is key to making your home buying dreams a reality. To buy a house you will need a down payment which is typically 3-20% of your loan amount and enough money to cover your closing costs, which are separate from your down payment. Closing costs are typically anywhere between 2-5% of your loan amount and include things like; application fee, appraisal fee, credit fee, title insurance and search fees.

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If you can say no to the first question and yes to the other two now just may be the right time for you to buy a house. The next step is to reach out and start the Home Buying Process.

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From all of us at Matt Engen Group thanks for reading.

If you have questions about buying or selling be sure to connect with us here.

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