Make It All About You

Each day is full of noise about real estate and our economy. Trying to purchase a home has become a competitive sport. Some buyers will fall out of the market when the weather warms and their frustration from multiple out bit offers has worn them out… they will devote their few remaining weekends to summer living versus house hunting.
If this fall is like the past 3 or 4, prices will gently fall, bidding wars will wain with 2 or 3 competitors and sometimes just one bid… versus the double-digit competition in the early spring market. Inventory will continue to be the huge issue.
However, it is important to keep in mind the economic conditions are constantly changing and in our increasingly global economy events near and far can impact interest rates and financial markets for better or worse.
Perhaps the Millennials have it right, with all the hand wringing about “when will this generation start buying real estate?” They are taking their time and waiting until it is right for them. This is wise.
We should be making our major life moves when the time is right for us. Not because our family members, friends and the media are touting it’s now or never, this is the time, rates are low, do it now no matter what, get in at any price.
Buying a piece of real estate is a big and life changing commitment, you cannot move on a whim at the next romance or job offer, you may have to maintain, repair, pay up for improvements with your extra funds. When the time is right for you, go for it. When the time is right for you, the opportunity will be there. If rates are higher, it is likely that values will stabilize or slightly decline, if rates rise keep in mind that rates will likely fall again. Innovative but not risky programs will be developed to support first time buyers in a rising rate environment. There will be a way to make a home purchase happen when the time if right for you!
Home ownership creates stability and wealth, it makes sense. It makes sense when the time is right and the buyers are ready to take on the responsibility.
Don’t fall into the frenzied ‘get it at all cost’ attitude that is starting to rule the current environment. Make the decision that the time is right for you because you are ready to take it on, not because social pressures are mounting for you to make a huge lifestyle change.

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About Amy Tierce

As one of the top rated mortgage professionals in New England, Amy is sought out both locally and nationally to speak at mortgage industry events and training programs including the “Turn on Your Million Dollar Brain” workshops. Amy has also been featured in both radio and print media including the programs “Financially Speaking” and “Money Matters,” and “Mortgage Originator” and “Banker and Tradesman.” Amy regularly shares her industry knowledge via her “Fairway Promise” blog to keep clients and industry related professionals apprised of the latest news, trends, and tips in the mortgage industry.
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