Uncertainty and anxiety over the purchase of a home is normal even in the best of economic times, and considering the wild economic ride we’ve all been on over the past five years, it’s no wonder that many buyers—particularly first-time buyers—are still feeling a bit skittish. To these thoughtful folks, we offer the following arguments as to why buying a home right now isn’t just a good idea, but a great one… and one that you’ll be grateful for making for years to come.
The recovery isn’t just coming, it’s already here. While the headlines are often still dreary, and there are problems left to be resolved, the truth is that the recovery in housing is already well underway. Except for some of the harshest markets, home prices have stabilized or begun to rise, due in part to increases in hiring and the return of employment security. In conjunction with record-low interest rates and exceptional home affordability, this job security is letting people move on with their lives, and into homeownership, in ways that weren’t possible just a few years ago.
Other buyers are making their move. This one we can personally vouch for: in 2011, we saw an increase of over 40 percent in our annual sales. We placed 627 households into their very own brand-new homes in 2011—all buyers who cashed in on ideal borrowing and pricing terms, and have begun their journey as owners. As optimism about the economy grows and home prices begin to rise, these lucky owners will know that they locked in their purchases at the optimum point in the market, maximizing their value and increasing their ability to build equity in their home.
How long can you wait? While the recession dragged on, many of us felt like our lives were at a standstill. We trod carefully, ensuring that we maintained our financial health and we were reluctant to make big decisions or big commitments in a time of so much uncertainty. Five years later, we may still be feeling the same hesitancy, but in truth our lives have already moved on. Perhaps you were married, had children, or are ready to downsize into a smaller home after the kids leaving the nest. How long can you continue to hold on to the realities of years ago, even as your new reality has changed? And how long will the home or apartment that fit your life five years ago satisfy your needs and desires today?
This is a once-in-a-lifetime opportunity. We’ve probably all been regaled with a story from our parents or grandparents about a beneficial purchase they made—and also about one they failed to make. We’ve heard how they could have bought a home in what is now a highly-desirable and expensive community, for prices that were low, even in their day. They sigh and shake their heads at the missed opportunity, and warn you to keep your eye out, and not make the same sort of mistake. With home affordability at all-time highs, and interest-rates at all time lows, it’s apparent that the time is not only ripe for buying a home, but ideal. It’s a once-in-a-lifetime event, that won’t last forever, and can easily be missed.
To make the move when unsure requires a special sort of courage, the kind that your elders wished you to summon up when the time was right. Now, it seems, is that time. To buy or not to buy? The answer is up to you.