By Kathy Henne
Thinking of buying a home, but feel bewildered by conflicting reports about the state of real estate? Well, you’re certainly not alone, but in a word, relax! Whether real estate is up, down, or sideways, most people don’t make their decision to purchase a home based on market conditions or interest rates. Rather, it has more to do with lifestyle or a change in employment.
For most people, a home is very much like a “durable good,” similar to a washing machine. It sounds silly, but think of it this way: When you need a new washer, your decision is based upon that requirement, and you search for a machine that offers good value and has the amenities you want. You don’t think about whether the price of washers will be going up or down in the coming months. Your main concern is all the dirty clothes piling up at home that need your attention.
When you’re ready to make a move, you are going to search for a home that will bring you good value and will give you the amenities you need for yourself or your family. If interest rates rise, you’ll be paying a bit more for the home you want or scaling back a bit on the amenities you would like to have in order to keep your payments lower.
You can have greater peace of mind when you purchase a home to fit your lifestyle, rather than trying to buy a property that you can turn into a cash cow. You earn equity by staying in your home for several years. As long as you can continue to make your mortgage payments, you run little risk of losing your investment.
Speaking with a local real estate agent is a great place to get the ball rolling. They will be able to keep you informed about the local market conditions and prices. Armed with this knowledge, you can move forward with confidence that you’re making a wise purchase.
Contact the Kathy Henne Team Re/MAX by calling 937-778-3961