If you are looking to buy a house, don’t wait!

I meet so many people who seem to be perpetually waiting for the right time to buy a house. Is there a really such a thing as a right time? In 2011/2012 some people passed on those market low prices because they were waiting for a “better” time to buy a house. They wanted to get the best deal from a rock bottom market.  They assumed that the real estate market would keep going down and that they could wait longer to get those market low deals. They ended up waiting too long and of course the market shot back up.  Many of these “waiters” still have yet to purchase, saying that they will buy a house after the market crashes again. If we really knew when market is going to crash most people would be rich. When you look at the 2011-2012 real estate market in Las Vegas and compare it to today’s market, it was a real steal. But hindsight is 20/20, and the truth is that there are always a variety of reasons why any time can be a great time to invest in real estate.

“The future depends on what you do today!” Gandhi

Limited time offers

With many new options out there you really don’t need a lot of money to buy a house. The Nevada housing division and many lenders have some great offers with a variety of down payment options. Some lenders offer a 1% down payment option. Some state programs offer up to 5% down payment and closing costs assistance.  Talk with a local Real Estate agent or lending officer to help you navigate all these options.  Home ownership could be more possible than you think.  Sometimes the best step is simply taking the first step.

Don’t wait to talk with lenders

Another thing that I always hear is; “I am not ready to buy a house right now but I am thinking about buying in a few months.” When I asked my clients if they have talked with a lender, some say “yes” but many say “no.” The ones who talked with a lender early on, where actually ready when the time came to go house hunting.  They consulted a lender first thing, got an idea of where there credit and finances were and then formed a game plan that would get them in their house when they wanted to. On the other hand, some clients wait to talk to a lender until they go house hunting only to find there is snag in their finances or credit. I’ve seen it time and again; they are ready to buy, have a down payment saved and even pinned a dream home that they found on Zillow, and BAM they couldn’t get financed.  They were ready!! But their credit/finances weren’t.  They then have to wait months to get qualified, and by then the dream house is gone. Very discouraging! By not waiting to confer with a lender or agent about your real estate plans, you can help reach your goals in the time frame that you want.  Your lender and agent is your friend and really has your best interest at heart. After all, they wouldn’t make any money unless you qualify and buy a house.

What if real estate market loses value again?

Here’s the deal, either the real estate market loses value or it doesn’t, but either way you most likely have to pay monthly rent for a place to live anyways.  Now if you can get yourself into a home with a monthly mortgage payment that you are comfortable with then why does it really matter? You would have to pay rent anyways! At least this way you are taking monthly steps towards paying off your own home rather that somebody else’s. Just like the stock market the Real estate market goes up and down, and as I mentioned as long as you are comfortable with your monthly mortgage payments you should be fine.  And by not waiting you can start now and begin reaping the many rewards of home ownership!