Is 2017 a Good Time to Buy a House?

Is 2017 a Good Time to Buy a House?

Buying a house is probably the crown jewel of financial stability and viability for most of us. However, that decision is not to be made lightly, as it may affect you for decades to come. If you are in the market for a house, think hard before you rush into anything. Research thoroughly before you contact your realtor. You can use search tools like this one from San Diego Home Sales to scout available locations first

The current situation does not seem ideal for buying a home, but that is only a surface appearance. The real situation is far more complex. Read on to see whether the current market, as well as the expected changes in the coming years suit your plans for home ownership.

The Market Has Recovered

The infamous housing economic crisis which brought down the world economy in 2008 has passed, and the housing market is back on its feet. What that means is that the prices are moderately high, and expected to rise. Practically, if you are planning to buy, sooner is better than later. Of course, there are some conditions and caveats to this general statement.

First of all, make sure that you can afford the house. What it means is that there are some things that are expected of you as a future homeowner; a down payment, cash flow to pay off the mortgage every month and preferably some reserve fund for a rainy day.

Don’t Go Over Your Head

If you are ready for the serious commitment that is buying a house, and you have secured the funds, your next step is the bank loan. Remember, just because the bank offers you a loan for a certain amount, you do not have to spend all of that money. Consider your needs and buy a house which best suits your needs, rather than the most expensive item you can afford.

Speaking of affording things, don’t forget to include student loans, credit cards and other current expenses into your calculations. You should not give up everything just to be able to afford a house.

Be Flexible

The housing market is in a somewhat strange position. The number of houses on the market is fairly low, so being overly stiff with your demands can really drive your prices up, or prolong your search. That being said, you should not give up on your principles either. The best thing you can do is make a list of things you want. Mark those which are an absolute must, as well as those you would be willing to give up. That way, your realtor can help you better.

Be Quick

Due to the aforementioned low supply of houses, you should also make your decisions quickly. Be sure about what you want before you contact a realtor. This way, once an ideal opportunity presents itself, you will be able to pounce on it quickly, but still be sure that this is the right course of action for you and your family.

2017 Is a Good Year

Currently, the interest rates on houses are fairly low, so you will be able to get a good deal, even though the prices are on the rise. However, the prices are expected to rise even more next year, so waiting is not advised. Economists suggest that the savings interests aren’t all too high either, so it is much better to take that money and buy a house with it, turning it into something of value.

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