As children get older and leave their parent’s home to create a new beginning and as college grads embark on building their careers, the thought of buying a home comes into play. In the past home buying was a no brainer.Miami real estate was thriving and values were going through the roof. Today, it’s a dramatically different situation.
Home buying is riskier and yet prices for a Miami Beach condo or otherwise unaffordable South Florida homes are now a lot more reasonable, an interesting predicament which has many people wanting to buy their first home asking: is it the right time to buy?
A biased real estate agent will not hesitate to tell you that yes, you should totally buy a home now but it just isn’t that simple. For the time being, almost any home you purchase now will have a lower value in a couple of months so yes, there is a significant possibility you will lose money. Plus, if your credit isn’t up to par you’ll quickly find that lenders aren’t as lenient as they once were and may flat out turn you down or give you financing terms that don’t work with your budget.
On the other hand, it’s not necessarily all doom and gloom. As mentioned above, if you’re seeking an upscale waterfront condo or single family home in a gated community, prices are at record lows. Mortgage rates have also been reduced which will allow you to agree on a financing schedule you can actually manage and won’t have you struggling to make monthly payments, especially if you have an above average credit score.
A knowledgeable real estate agent can assist you but the ultimate decision should come down to what your future goals are and your assets. Will you lose money? Chances are you will. Can you recoup your losses in the long term? Eventually, yes. If it’s not the right thing to do then stay put. Just keep in mind there’s nothing wrong with browsing either.
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