Should You Buy A House Now?

Posted by Jennifer Dollar on Wednesday, June 20th, 2012 at 1:51pm

new_house_400Many people look at the housing market with a degree of trepidation.  They wonder if now is the right time to buy a house or if they should put off the purchase of a new home until the market is better.  This is a question that should be answered with knowledge instead of fear.  So the question remains.  Should you buy a house now?

You Can Get Great Deals On Homes Anytime

It is good to begin answering this question by acknowledging that you can get great deals on homes anytime.  It may be more work in the current housing market or you may stumble right into a great deal.  Just don't assume from the start that because other people are having trouble then you will too.  You could get lucky and find your dream home tomorrow 

What About The Housing Market?

You can talk about the housing market for the entire country but that's not the most accurate way of looking at this situation.  The housing market behaves differently depending on where you are looking to buy a house.  The troubles that exist in one location may not exist in another so when you are thinking about buying house you want to find out about the local housing market.  Getting reliable information about this particular market is what matters and is what will help you to answer the bigger question. 

Do You Need To Buy A House?

If you don't need to buy a house then you can afford to take your time gathering information and waiting to find the right deal.  If you have time then you can look at the trends to see where the housing market in your area is headed.  If it looks like it will improve sometime soon then you can think about waiting while if it looks like it might get worse then you want to try to buy a house now or forget the idea for a while.

How Much Time Do You Have?

If you have some time to play with when to buy a house can be a tough question.  You don't want to be house shopping at the last second but you don't want to jump into the wrong decision either.  In this case you want to go after exactly what you want in the beginning and then be open to making some concessions as your deadline starts getting closer.

Buying And Selling At The Same Time

If you happen to be selling one house and buying another then you can to take that into consideration.  You will want to begin by looking at the housing markets in the area where you want to buy and in the area where you want to sell.  Sometimes you will find a balance where you won't pay as much for a new home but you won't get as much for your old one or you'll pay more for a new home while getting more for your old one.  If this is your situation it can be helpful to think about the buying and the selling as one big move.

Should you buy a house now?  The answer depends on whether you need to buy a house now and what you want to get out of buying a home.  The one thing to remember is that you shouldn't talk yourself out of buying a house until you see for yourself what your options are.

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