If you’ve been keeping up with real estate news, you know that most of it has been geared toward home sellerslately. Home prices are on the rise and inventory is down, making now the perfect time to sell your home inPlymouth County!
However, that doesn’t mean now is not the time for buying a home in thePlymouth, MA area, too. Mortgage rates rose for three weeks but are still incredibly low, and this Realtor Magazine article explains four strong reasons why now is still the time to buy!
As a whole, it’s a great time to buy a home in the South of Boston real estate market, but is it the right time for you personally? As a Plymouth County real estate agent, I want to make sure my home-buying clients are feeling positive in their decision to become homeowners
To help you decide, here is a Fox Business article that poses five questions you should ask before buying a home. Here is my summary:
Do you have at least 20 percent saved for a down payment? This is the home-buying advice you hear most. Though home prices are still low, you need a mortgage lender to approve a loan for you, and you need to put enough down to make the monthly mortgage payments doable.
How long do you plan on living in your new home? The ideal homebuyer in today’s South of Boston real estate market should plan on living in the Plymouth, MA area for at least five to seven years. The longer you stay put, the higher chance your home’s value will increase. The bottom of the market is here, or close, so there is a good chance you could make money from this investment if you stay put for a while
What are the monthly costs for owning a home? You have to think beyond the monthly mortgage payment when buying a home. Fox Business recommends adding 30 percent more to the cost of the mortgage, in terms of taxes, insurance, possible HOA fees and other fees that pop up along the way. The cost of living in a home should fall between 25 and 50 percent of your income.
Do you have an emergency fund? If your life circumstances change, your mortgage and homeowner costs don’t. It’s ideal to have about six months worth of expenses saved, aside from what you have saved for a down payment. This way, you’ll be safe in your new home even if you lose your job, lose a loved one, become disabled and so on. The more unpredictable your income is, the more you should have saved up.
Do you have job security? Even if you do have six months worth of savings for your home expenses, you always need to consider how secure your job is. Unemployment is still high, making it uncertain how long it would take you to find another job
In almost every market around the U.S. right now, it’s a better investment to buy a homethan to rent! Even so, you have to make sure your finances, job and lifestyle are in order to buy. If you think they are, I am here and ready to help you buy a home in the Plymouth County real estate market! Contact me, your South of Boston real estate agent, to ask questions or to get started!