"I'm Not Sure if We're Ready to...."
I am currently 38 years old, as of this past weekend. Having been married for 15 years now, I have been around a lot of couples, both with and without children. Obviously, I also see a lot of married couples when I am trying to help them to buy or sell Austin real estate.
As such, I realized something the other day. Those who are looking to buy a home often make the same statement as those who are considering having a child:
"I'm not sure if we're ready to..."
- I'm not sure if we're ready to buy a home just yet. The media keeps talking about how bad the economy is.
- I'm not sure if we're ready to have a baby. My friends and family tell me it will change my life.
In my opinion (which is pretty much all that my entire blog consists of, now that I think about it), the same response is appropriate in both cases, assuming that bad credit is not the issue at hand. When someone says that they are not ready financially to have a baby, I have always heard the response, "You will probably never feel ready, so you might as well do it." Please understand that this is not a flippant remark. Truthfully, looking back on it now, I don't think I was in a great financial position to have either of our first two children, especially my son, who is now nine years old. However, I wouldn't trade them for anything in the world.
When considering a home purchase, it feels much the same way. Maybe money will seem a little tight initially. You will be dealing with unknowns, and new issues that you haven't had to address before. Apartment living is nice when you are young, but eventually it's time to grow up and get your own place.
Is it a good time to buy a home in Austin, Texas?
The quick answer is, "It depends." Do you have some money saved up for a down payment? Is your credit in decent shape? What kind of home are you looking for? I just helped a client this week to purchase a foreclosure which appraised at $70,000 above the price that they paid. Not too shabby, huh?
If you are looking for a "deal", they do exist, but they are not as prevalent as you might think. However, I can virtually guarantee that from a long-term perspective, a home purchase will provide a very solid return, along with the accompanying tax writeoffs and your enjoyment of the property itself.
When I bought my home six years ago, I experienced a few days of buyer's remorse while my home was under construction, thinking that I had overstepped my abilities at the time to afford this home. Now that we have been here awhile, I am VERY happy that I bought when I did, as interest rates were low, and my monthly payment now seems low in comparison with friends of mine who waited to buy.
Don't lose an opportunity to get into the market with your own home purchase. Local Austin economists are predicting a big swing for real estate between now and next spring. If you delay too long, the interest rates could creep higher and prices certainly will, too. The bottom line is that you can likely afford to get a nicer home by acting soon. By the time your "baby" is a few years old, you will be happy that you took a step of faith and bought a home when the economy was being presented as uncertain and unstable by the media. I have seen this type of economic cycle a couple of times in my real estate career, and I would love the opportunity to help you find the right home.
If you are considering a move to the Austin area, I would love the opportunity to assist you with this. If you are renting, and you want to find out what you can afford, give me a call to get started.
You might also be interested in my online relocation package here: