Why Buying is Still the Ideal Option, Even in a Seller’s Market – I’m sure that by now you’ve heard over and over how we’re dealing with a seller’s real estate market. That phrase might create some hesitancy when considering purchasing a home right now and could be keeping you in a rental.
Buying a home is certainly not a small expenditure. Thinking about recurring property taxes, insurance payments and upkeep can become overwhelming. There are pros and cons to every decision we make. So, I am going to share with you some reasons why buying a home might be a better option for you than renting, even in a seller’s market.
Building wealth for future purchases –
Owning a home can be one of the best financial decisions you’ll make. Often the value of your home will appreciate and allow you to afford a home later that you may not have been able to consider otherwise.
Lowering living expenses –
Not only are mortgages typically a lower overall monthly cost initially, but having the opportunity to pay off a mortgage can significantly impact your monthly expenditures down the line. Only being responsible for insurance and property tax is a drastic improvement over the costs of renting per year.
No rent increase –
Landlords often raise the rent as inflation increases and for a multitude of other reasons that are out of a renter’s hands. This can cause a lot of sudden financial strain and even cause you to have to move suddenly if the increase is too dramatic. Owning a home offers a much more consistent payment.
Stability and personalization –
It may seem trivial, but people often underestimate the value of familiarity and the freedom to express themselves. Owning a home gives you the opportunity to make your space truly yours rather than agreeing to numerous regulations regarding any customization. Coming home becomes a lot more appealing when it really feels like home.
One tip for buying in a seller’s market: Be patient and don’t feel the need to settle.
Inventory is low and buyers are sometimes being forced to get competitive with their offers. But, that doesn’t mean you have to give up on what you want/need or feel pressure to get caught up in a bidding war. It could take some time, but the solution to a competitive market is not to go with the cheaper option just because you’re tired of waiting or spend more than you should due to frustration with losing out.
Buying is Still the Ideal Option – Having an experienced realtor to help you navigate the current market is paramount. If you’re ready to get out of the rent race and own your own home, give me a call: 919.818.5001.
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