As with many decisions, whether or not you should buy a home now depends on your circumstances. On the plus side, a home is an excellent investment and the #1 source for building family wealth. Also, with interest rates at or near historic lows, it’s an excellent time to finance. Your monthly mortgage payment may be lower than your monthly rent. On the other hand, if you are only planning to be in the area for a few years, buying a home may not be in your best interest.
In today’s fast moving market, it’s easy to miss out on the home you’ve always wanted. Demand for inventory is so intense that almost as soon as a property is listed, several offers are tendered. Having your financing in place not only ensures that you can purchase the property without any delays, but you’ll know how much home you can afford to buy.
As with many questions, it all depends. If you really love your home and plan on living in the area for the foreseeable future, there’s no need to sell. However, if you’re family is growing, you need more room, or you’re planning on leaving the area soon, then, yes, it’s a very good time to sell - especially with demand being so high. In this market, you may expect to receive multiple offers, even some that will above your asking price. It is a great time to harvest the equity in your home.
Although using a realtor to buy a home isn’t mandatory, it’s highly advisable. The process is involved and complex, with many forms and documents that need to be reviewed and completed accurately to ensure the entire process is legal and binding and protects you from litigation by disgruntled buyers. Also, a realtor will know the value of your home in relation to the market and can advise you on the offers you receive. They can negotiate objectively on your behalf to ensure you receive the best price for your home. They also can navigate contracts and closings so that the selling process goes smoothly without any undue surprises or hitches.
At Real Estate West, our expertise is in helping you make the right investment for your lifestyle and needs. Whether you are new to the West Michigan area, eyeing your forever home, or seeking a renovation project, we make real estate investments happen for everyone.