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You have heard it before, “The market is going to crash, just wait!” The reality is that it just might crash or it might not, we don’t know. However, there may be some very good reasons for still considering a purchase now. Let me give you three reasons why you might make a purchase today.

1. If you are currently paying rent that would more than cover the price of a new home. For example, if your current rent is $1,700.00 a month, you could afford a home close to the $250,000 range. That figure is just for comparison. So buying might even save you money each month.
2. If you are planning to stay in your new home for a period of over 5 years and you believe the interest rates are going to go up. For example, if the interest rate goes up 2% compared to todays rate, that would add an at least an additional $4,500 in interest each year. Times 5 years that could be over $20,000.
3. If you are planning to sell your property to buy another property. Depending on the amount of your equity, selling your home in the future might be difficult. For example, if you own more than the current market conditions will pay, it might be hard later on down the road to make the switch.

Right now banks are very generous and anxious to loan money, in the future it may be more difficult and expensive to get a favorable loan. The reality is, we don’t know how things play out in the future. If you are thinking of buying a home or trading up to a new one, now might be the best time.

Let’s be honest, every situation is different. If you would like a clear idea of what to do, I would be happy to offer a fair and honest opinion. For a no obligation opinion with absolutely no pressure, just email me at: mike@sheridonsolomon.com.