What’s the REAL Cost of Waiting to Buy a Home?
Analysis paralysis is a real thing. It is the over-thinking of what we should do while waiting for all of the stars to align before making a major decision (like buying a home)! We check and re-check the stats, we ask our friends, family, pastor, and the lady at the deli for their advice. We get so close to pulling the trigger, and then we back away in fear. This all comes from fear. Fear that we could be making the wrong decision. Or that if we wait a little longer, we could save money or get something better. And then, someone else comes along, makes an offer, and the home we loved so much is no longer available. Why do we do that?
It’s human nature, really, to be careful and cautious about the unknown; to want to have all of the information before we make a decision. However, when it comes to buying a home, waiting can end up costing you so much more. That’s why in this article, we (Erica Diaz Team) are spilling the beans on what exactly it could cost you if you find yourself waiting to buy a home.
Top Reasons You Should Buy a Home Now!
- Home Prices are Continuing to Increase
- Interest Rates are Low
- Long-Term Impact of Owning a Home
- Owning a Home Gives you Roots
- Less Taxes and More Savings
Home Prices are Continuing to Increase
Although we saw a few years of pretty moderate housing prices, a little over a year ago the housing market took off, and there’s no end in sight as of now. This means a home you loved a couple of months ago is already out of your budget. It also means the longer you wait to buy any home in your budget, could be out of your budget in the near future. As you can see, increasing home prices is a major reason you should not be waiting to buy a home.
Increasing home prices could take your dream home entirely out of the equation for you financially. Recently we have seen home prices skyrocket in just a few short months. You’ll never be able to pinpoint the perfect moment to buy a home by obsessing about the market. Even if prices begin to lower a bit, they will still always increase value over time. If you’re in the right financial spot to buy a house now, buy the house now.
Interest Rates are Low
Interest rates are currently low, and there is no telling how soon they might start rising. While interest rates are lower than they were just a couple of years ago, buyers are spending less on interest for the lifetime of their home loan, making buying a home a bit easier (and cheaper!). As soon as these numbers increase, so does your overall monthly mortgage payment. If you can buy a home now, do it now and take advantage of the lower interest rates.
Long-Term Impact of Owning a Home
We’ve all seen the illustration of the power of investing early. Joe Shmo who starts investing when he’s 15 ends up a millionaire while his friend Charlie earns significantly less because he invested later in life. It’s all about starting early and reaping the rewards later.
Owning a home is very similar. There is a significant long-term impact on owning a home. The sooner you start, the more equity you have in your home, the more time you have to add to your real estate portfolio, and the longer you have to build wealth. Waiting to buy a home just means losing out on valuable time and profit.
Owning a Home Gives you Roots
When you own a home you typically plan on being there for an extended period of time. This allows you to plant roots for yourself and your family. You live in a neighborhood that is part of a town/city and know your neighbors who become friends and even family.
Less Taxes and More Savings
When you rent a home you are not only paying someone else’s taxes, you are paying more on your own taxes. Stop waiting to buy a home, so that your money can benefit you. When you own a home, you are able to deduct the interest paid on the mortgage from your taxable income.
Buying a home in Central Florida!
Like all current real estate markets, Central Florida is on fire! People from all over are taking advantage of low-interest rates and moving to Florida. The same goes for locals, they are also in the market for new homes. While some people are looking for their first home, others are upgrading or even downsizing. Regardless of the reason, people are moving and homes are selling faster than they can pop up on the market!
As we mentioned above in this article, there are quite a few reasons for NOT waiting to buy a home. If you happen to be house hunting in Central Florida, we (Erica Diaz Team) would love to help you find your dream home. We will be by your side from start to finish and assist with everything along the way!
The Erica Diaz Team – What’s the REAL Cost of Waiting to Buy a Home?
Erica Diaz and her team know that buying a new home is not something you just wake up and decide to do. It does require careful thought and consideration, and an experienced agent can help you weigh your options and decide if now is the time. But, chances are, now IS the right time. Contact us today and one of our knowledgeable and local agents can help you see where you stand as far as buying a home now rather than waiting.
Are you looking to sell your Central Florida home? Contact us today we would love to help!
