To buy a home or not to buy a home? That is the question!

“Should we buy a home or not?” “Can we buy a home in this economy?” “Do we try to buy a home now, or wait until next year?”

I hear all these questions lately. I read them on Facebook pages. I hear them on my messages. There is a lot of fear right now. Buying a home is a big undertaking. It’s exciting, but can also be scary and nerve-wracking.

Everyone wants a perfect home, but there is no such thing. Everyone wants a ‘forever’ home, but again there is no such thing – because guess what? Your ‘forever’ is going to change five, seven, ten years from now. So, what can you do now?

Find the top 3 things you want in a home. Get pre-approved & hope those 3 things are in your price range. If they aren’t, then decide what you are comfortable compromising. Find the best home you can in your price range and take the jump. Maybe the best home for you right now is an attached home. Maybe it’s a small home with a cute yard. Maybe it’s a bigger home with a nearby park. A starter home is just that… a place to start.

We bought our first home in 2001 for $160,000 at 6.875% interest rate. At the time, my husband and I made $15 per hour TOGETHER, not separate. Our mortgage was 46% of our income. Our rent was only $600 a month and our mortgage was now $1400! We planned to be there for about 5 years, then we would sell and buy our next home. By the time we had the equity to sell, the market crashed. We owed more than our home was worth, so we stayed put. A few years late when we sold, we took the equity and put it into our current home. We took a leap of faith on our first home. You can’t move forward if you don’t take the first step.

When you rent, you are borrowing someone else’s property, and there is a level of uncertainty. The landlord can decide to sell or increase monthly rent. For many people, rent prices are increasing yearly by $100 a month or more.

Renting is like dating. Some people seem ok, but they don’t quite fit your ideal. Buying a home is like finding that one person who hugs you until all your pieces fit together again. The person, or home, may not be perfect, but it’s right for you. There is a reason why there is that saying of “he/she made me feel like coming home”. Buying a home is something that helps you establish roots. Renting is just borrowing someone else’s home. It’s a placeholder.

There is a meme that says you have $5 to “make a perfect guy/girl”. Then, it’s broken down in a way that you never have enough to get all you want. Buying a home is the same:

• Big yard – $3
• Detached home $2
• Attached home – $1
• Great schools – $3
• Fully remodeled – $3
• Walk in closet – $2
• Small yard – $1
• 2 bathrooms – $2
• New home – $4
• 2.5 baths or more – $3
• Ok schools – $1
• Big garage – $2
• Needs a lot of work – $1
• Older home – $2
• Needs some work but Fenced yard – $1
• Good condition – $2
• Cul de sac – $2
• Dated – $2
• Busy road – $1
• Big bedrooms – $3
• One story home – $2
• Small bedrooms – $2
• In your price range – $2

At the end of the day, it is your home. You are paying your own mortgage, not someone else’s. Your mortgage won’t increase $100/year, and you’re establishing roots. You’re also building equity that you can use for your next home.

There is fear out there. Many people feel like they can’t buy a home. I’ve been a licensed Realtor for over 19 years, and I am here to tell you that the American Dream is NOT dead! Buy a home when it is the best time for you! I know there is a lot of fear out there, but guess what There is no crystal ball for what will happen. My magic 8-ball is still telling me “Reply Hazy. Check back later”.

As always, if you have any questions, feel free to call, text or email me anytime!