You know, if you asked me that question a year ago, I’d say, “Nothing! You can wait: rates are low and while inventory is low, there’s always another house on the market.” Not. Any. Longer.
Have you seen what rates are doing? They are rising, and they don’t seem to be stopping. I am including a link below to a fantastic article that describes in human terms what that means to your wallet and your mortgage payment. This article makes it clear that waiting is NOT the right thing for you to do if you’re looking for a home under $300,000.
So, let’s talk about that perfect home you’ve been waiting for. Think about it like this: getting into a home now means saving money on two levels: (1) you’re paying lower interest rates (they are still much lower than five years ago), which will save you money each month, and (2) you’ll be putting money towards escrow instead of someone else’s hands. The money you pay is paying down your mortgage. So, when you go to sell, it’s likely you’ll be making money. Let’s say you sell your home for exactly what you paid for it, you at least get your money back! Does the landlord give you all your rent back when you move out? No! You never see that money again--It’s very much like throwing your money in the trash each month. Yes, owning a home costs a little more than renting. It’s your home, for crying out loud! You’ll want to take care of it: mow that lawn, fix that leak, paint that wall, repair that roof. By doing so, you’re making an investment in your home. You’re keeping it pristine to make it not only livable and likeable but attractive to the potential buyer for that day when you’re ready to move up, down, or lateral.
PLEASE! Read this article below, and then give me a call! I want to help you not only find a house you can call home, but save you some money! (BTW, did you know you don’t have to pay me to help you find a home? Yep, my services don’t cost you a cent.)