Should I Buy a Home Now or Should I Wait?
Should you buy a home now or should you wait? It really depends what the markets like. I mean obviously if it's a buyer's market prices are going down, inventories are high. If it's a seller's market and the inventory is really low and the prices are going up. So we're in a seller's market right now. As a matter of fact, we're in one of the hottest markets and one of the hottest markets and one of the top appreciating month over month markets in the entire nation.
So I'm obviously going to talk about that now because that's the market we are in. now here's the problem if you're buying a pre-owned home or whether you're buying a new home the prices are continually going up. So let's say you're in a $300,000 home. Let's just say you're buying a brand new home. So the home is $300,000. A year from now the home maybe 10% more. That's not unrealistic. So now the home instead of 300 it's 330. So a lot of times the question I ask people and to put things in perspective is to say. Well first off you know when you're going to move here on what's your situation and you know I start asking them questions but I'll ask them and I'll say let's say it's a $300,000 home.
If I told you, you should pay $330,000 for the home would you do it? Well, of course, you would and think I'm nuts but the problem is a year from now that's exactly what's going to happen. Then sometimes when you step back and look at things in that light sometimes you'll see it may behoove you to actually buy a home right now. Now sometimes in new homes, not every builder but there are some builders that will push it out a little bit.
I have a client right now it was in August and her husband are looking at moving in here next August the builders on about seven months build time and they're going to push theirs out for almost a year. So they're going to be able to lock in the price right now. Now, of course, they can't lock in the interest rate. Who knows what that will be? You know maybe 10 months or eleven months from now but they're going to be able to lock in the price. So it's going to be over because you have to figure the money that you're making the difference between three $330,000. I mean it's almost like after-tax money. So to speak, so you need to really look at everything and just see what you're doing. You know what your situation is.
I just had a gentleman who was. I was on the listing side and they were on the buying side. The home in a little over a year and a half. As a luxury home about $600,000 went up $75,000 and what happened is the buyer was waiting, waiting, waiting because he just kept on looking for a good deal. Looking for a good deal and the problem is the prices just kept on going up and so I don't know if he ever ended up buying something but where he wanted to get a good deal he actually ended up losing 10's of thousands of dollars because he started waiting really long and that can happen no matter what. For informative real estate videos please visit this channel (https://www.youtube.com/user/Tampa2Enjoy)