When Is The Right Time To Buy A Home In South Florida?
Interested in buying a home in South Florida?
You may be in the market to buy a new home in South Florida and you likely have many questions if that’s the case, especially if it’s your first time.
It’s a good idea to meet with a South Florida residential real estate attorney to address any questions you may have, as there are several aspects of your home search that an attorney can help with, from neighborhood research to your closing.
One of the biggest questions that homebuyers have involves determining the right time to buy their home.
A few things to consider:
Trying to “time” the market is generally a bad idea
Trying to determine when the market is at a “low” or when demand is low is often a bad idea, unless you’re looking at seasonal trends. Trends can affect home pricing to some degree, but it’s more important to buy your home when it’s the right time for you.
Buy your home when your credit as at its best, when you have enough for a down payment, and when it’s convenient for you personally.
Trying to time the market is hard even for experienced real estate professionals, but you can look at historical sales and pricing trends to get an idea if a particular neighborhood is in a pricing bubble.
Make sure you have enough in savings
Although you can buy a home with less than a 20% down payment, you will want sufficient savings to account for closing costs, inspections, moving costs, new furniture and other unexpected costs that can arise.
You don’t want to spend all of your cash on a down payment only to find that you have little left for other expenses. If you need to wait a bit longer to make your home purchase, it’s always preferable to do that rather than spending most of your savings all at once.
Compare the costs of renting versus buying
It’s also a good idea to meet with a financial advisor or a residential real estate attorney in South Florida to compare the benefits of renting versus buying, including your costs.
If the cost of renting will be significantly lower than buying, you may be better off renting and investing the extra savings.
If the cost of buying is lower, with mortgage payments, insurance, taxes, closing costs, etc. all taken into consideration (along with the equity that you’ll be gaining as you pay off your mortgage), then it might be a good time to buy.
There’s a lot more to cover, and an experienced real estate attorney in South Florida at Schecter Law can help. Call Mark Schecter at Schecter Law today at (954) 779-7009 to learn more.