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Real Estate Q&A No.2

Is NOW a Good Time to Buy a House?

This is always a common question: Is Now a Good Time to Buy? I’m going to get straight to the point with this one. Stop trying to time the market. It’s a terrible strategy that will cost you in the long run. Why? It’s because the market is unpredictable and the best variable to consider before purchasing or selling your house is your personal circumstance. In good markets, people have bad deals. In bad markets, people have good deals. The market isn’t what’s important. Your strategy is. At the time of writing this article, interest rates are about 2.5% which is relatively low. Essentially, banks are loaning money for almost free. Will that increase the number of buyers that exist? Yes! Does that mean it’s a bad time? No. Just because there’s competition doesn’t mean it’s not worth competing. A common problem I hear is that people assume that a house that’s expensive today will decrease in value over time. This is unlikely to occur. Houses are priced relative to other houses. They aren’t priced like your standard item in a store. A house that’s $500k today will likely stay the same over the next year or so or increase in value. The issue is that interest rates may also increase. This means that even a house that doesn’t increase in value might be more expensive because the barrier to afford it is much higher. This can get complicated but my main suggestion: Buy sooner than later since markets shift sporadically and the price of a house will most likely increase over time rather than decrease. If you’re interested in buying, renting, or selling Real Estate, please don’t hesitate to reach out to me and ask a question on my Instagram account where I’ll make a video discussing it. Also, be sure to check out my YouTube playlist for more helpful content. Finally, if you’re interested in buying a house but don’t know where to begin, grab a copy of my book Don’t Buy a Home Until You Read This for FREE by clicking the link below. This book typically retails for $14.95.

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