Many Americans are trying to decide if now is the time to enter the market for a new home. Years of renting might be taking its toll on your patience, and interest rates are low, but inching up. So is now a good time to buy a home? Steve Cook, former vice president of public affairs for the National Association of Realtors and Equifax Chief Economist Amy Crews Cutts addressed this question in a recent webinar on the Equifax Finance blog, ”
Buying a home is a worthwhile investment, as long as you make smart decisions along the way, and the best advice for someone just beginning a search for a home is to take their time and carefully evaluate their options. Buyers, especially first time buyers, often get caught up in the process and rush into a purchasing decision. But slowing down and taking a more strategic approach the process can end up saving buyers loads of money and stress.
Consider these factors discussed in the webinar and prepare yourself for your home search:
- Taking the time to research your market will give you the knowledge you need to compare home values and prices in the areas in which you’re looking.
- Deciding exactly what you need and want in a home can take some deliberation. What are your must-haves? What are deal-breakers? You need to know these going into the process.
- The supply of homes on the market is predicted to increase, so your options will only grow over the next few months.
- Sellers of resale homes will be more eager to sell in the fall (before the holidays) and will be willing to accept lower offers.
- A few extra months will allow you to save up extra for a down payment and build your credit rating.
Should you buy a home? Of course! Can you get a good deal now? Yes. But should you take your time and make an educated decision AND save money? Absolutely!
For great ways to build up your
credit scores, hit new savings goals and more, see the Equifax Finance Blog.