Interest rates are low but that doesn’t mean everyone should by a house. There is a frenzy in the market. Interest rates are low, people are working from home, and people have never been more eager to buy their first house. But how do you know if now is the time to buy?
We offer you 4 key things to consider before starting your house hunt.
Consider that you might find your way back into an office… at some point.
This is a bigger consideration if you are looking for homes with a sizable commute to your place of work. Eventually you might need to go back to your office, you may find yourself back in traffic or work might find another place to lease that more conducive to the new needs of office work.
Even if you are not worried about commuting, your home space needs might be different when you return to an office.
The work landscape is changes and maybe so is your job.
On the complete flipside of the equation above is that you might never have to return to your office again. Remote work is becoming normalized. You might find living somewhere different to be an option. There are plenty of affordability reasons this might be the case for some people.
Security is not always guaranteed.
Unemployment is still on the rise. If you have any question about your job stability you may want to hold off on buying a home. Talk to your CPA, financial advisor or whoever you trust and make sure you have a plan if a rainy day does happen.
Inventory is low and so are your options.
There are a lot of buyers out there searching for homes, and sadly not a lot of sellers. You may get yourself in a bidding war on a home and that pressure might make it difficult to make the best financial decisions.