With record high sale prices and a market that seems firmly in the corner of the sellers it can seem like now is a time to sit down, wait it out, and see if the market improves in a few months or years. But that may not necessarily be the case.
What’s the difference between a buyers market and a sellers market?
Even in the thick of a sellers market like this, there are a lot of benefits to buying a house instead of continuing to rent. Renting has its perks, having a landlord means you’re not personally responsible for maintenance on the home. Repairs like replacing a water heater that goes out can cost you hundreds of dollars.
The downside to renting however, is it is more expensive over the long run than owning, and provides a lot less security. Even more so right now as rent rates continue to climb leaving you with less and less financial security and no financial growth.
House prices are changing rapidly, are you keeping track if they’re going up or down?
There is a lot more security in homeownership than renting. A mortgage is much more stable than a lease and landlord. Even with a flexible interest rate your mortgage is more or less set in stone for the next thirty years. Your landlord can raise your rent every year or simply decide not to renew with you and you’re stuck looking for a new home all over again.
At the moment, interest rates on mortgages are currently the lowest they’re going to be for a while. The same thing is true about the price of houses. While there has been a push for new builds there is still a long way to go before the market stabilizes and the demand for housing goes down. The cost is more than likely going to continue to rise.
Buying now, even in the midst of this unprecedented growth, adds more equity to your home faster giving you more and more financial security and growth. Waiting and seeing if the market goes down is more likely only going to result in less growth for you later on.
First time buying a house? Here’s what you need to know!
Any time you buy a home in Georgia it is required by law that there is a licensed real estate attorney present at closing. It’s important to contact them in the right time frame as well! If you’re taking steps to close on your house in the next 30-60 days, that is the ideal time to reach out and choose your Georgia real estate attorney. Any less time than that and you’re not going to get the quality of service that you and your home deserve! If this sounds like your time frame don’t hesitate to give us a call!
At Frank B. Pallotta Law we are licensed Real Estate Lawyers with 20 years of experience helping our clients in Georgia navigate the closing process. Reach out to us with your questions. We’re here to help.