For years my husband and I have been contemplating buying a home. We've rented for so long that the thought of home ownership is quite daunting. Still, there's something to be said for owning your own place and the freedom that goes along with it. Since we don't have a lot of savings, we're limited to purchasing a home that's been in foreclosure and is selling at a reduced rate, or a home that needs repairs. Neither is particularly appealing -- my dream would be to buy a house that's move in ready.
I've looked into programs like homepath, for foreclosures, and even a 203K loan, for fixer-upper's. There are definitely options out there for people like us who have never owned and don't have a lot to put down. It's a scary process and from everything I've heard, it takes longer than you'd expect. The big question for us has always been: When to Buy?
When my husband and I were first financially stable, the houses on the market were sky-high. Even though we had the funds to afford a home, we knew we would be grossly overpaying, and thankfully didn't make any offers. Within a few years the market tanked and all those homes are worth hundred's of thousands less. Which leads us to today. Home prices are steadily increasing, but are still fairly priced. I don't foresee the market taking a total upturn anytime soon with the economy, so now might be a good time to start looking at our options. We don't make as much money as we did 5 or 6 years ago (thank you, economy), but we do OK. We've been renting all this time and the thought of how much money we've spent over the years makes me sick. It's probably enough to own a home free and clear!
We're still not 100% on buying-- there's another side, like taxes, insurance and repairs, that make me think twice about owning. With that freedom comes a lot of responsibility and the commitment to stay in one location long term. It's a lot to think about ... and we're still thinking.
Tell me: Do you think now is a good time to buy a home?
This post is sponsored by My Prospect Mortgage. All opinions are my own.