What are the advantages and disadvantages of buying a home now?
What are the pros and cons of purchasing a home in today’s market? Real estate is topsy-turvy right now, so you should be aware of what it can offer and the risks that come with it.
To start, I want you to take out a piece of paper. Then turn it in the landscape style, draw a line down the middle, and draw a line across the top. On one side, write PROS, and on the other side, write CONS.
“If you need assistance, sellers are now willing to pay some of your closing costs.”
Let’s discuss the pros first. In the last couple of years, our market was so crazy that you didn’t have time to think—you had to come in at or above the asking price. Now, you can negotiate your price for the home. You may get the home for less than or at the current market value, but not $50,000 above market value.
Additionally, if you need a little bit of assistance, sellers are now willing to pay some of your closing costs and your down payment. They may even be open to paying down your rate. Additionally, you don’t have to buy the house in its as-is condition. You can now do a home inspection, and if there were issues found, you can also negotiate repairs.
Sellers are also looking at contingent offers, and you can take more time to close. You no longer have to close in five to 15 days. Since our market is more normal, there’s no need to rush, and you now have the opportunity to walk through the steps.
As for the cons, here’s one: our rates have increased. However, the market will likely come back down in the next couple of years and you can refinance. You have financing options, and if you want to learn more about it, or if you have any questions about buying a home in today’s market, call or email me. I’m always here to help!