Is Now The Right Time For Me To Buy A Home?

Posted by Steph Kaye on Saturday, October 19th, 2013 at 12:28pm.

If you are thinking about buying a home you may be feeling a considerable amount of anxiety. With interest rates for mortgages poised to rise at any time it is vital to think things over very carefully. One of the biggest hazards is the federal government which is constantly going to the brink of default on the national debt and while we cannot directly influence the decision of lawmakers in Washington their decisions do have a profound impact on the quality of life we have. This uncertainty creates an opportunity for you as a home buyer, while interest rates will rise soon this will make some homes unaffordable reducing the total number of qualified buyers in the market. Since the number of qualified buyers has greatly reduced it means less competition and lower prices. Another benefit of this uncertainty is many sellers are motivated to sell and close quickly. If the market was doing great and prices were on the rise some sellers may holdout until they get their asking prices but under these conditions a seller is happy to get a reasonable offer.

Now we need to ask some tough questions, how long do you plan on living in the area? If you are only planning on staying in Birmingham for less than two (2) years then buying may not be worth it, depending on your closing costs it may take more than two years to recoup that money. If you are willing to stay for more than two years then what is your budget and specific needs ? How many bedrooms and where will you be working so your real estate agent can find a convenient location for you. It is natural to feel unsure at first, this is arguably the biggest decision of your life and not one to be taken lightly.  To help put things in perspective you should look for a Birmingham real estate agent that has a fantastic reputation, by working with true professional you can find out what your options are and make a truly informed decision. 

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Is Now the Time for Me to Buy a Home?

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