With so much happening in the world today, it’s natural to be safe in regards to your finances. However, if you’re interested in buying your first home, 2021 may be the right time to take action.
Before you begin your search, review your finances to ensure that you can comfortable afford to move forward with the purchase. For example, if you don’t have a stable income or are concerned about losing your job in the future, it’s typically best to wait.
Here are some of the many reasons why 2021 could be the best time to buy your first home:
1. Plenty of Inventory
There is plenty of available inventory, both with existing and new construction homes. While this doesn’t hold true in every nook and cranny of the country, there’s a good chance that you’ll find a few properties (if not more) that suit your requirements.
2. Low Interest Rates
Unless you’re buying your first home with cash, this is something to get excited about. The lower your rate, the less money you’ll pay each month (as well as over the course of your loan).
With both new home and refinancing rates hovering around all-time lows, it’s hard to pass by a purchase (as long as everything else checks out).
Contact three to five mortgage lenders to learn more about available rates and what you may qualify for.
3. It Suits You
Maybe you’ve been renting for many years and have come to realize that it’s no longer best for your financial circumstances. Or maybe you no longer have room in your home, perhaps because you recently brought a child into the world.
If you’re financial stable and feel that buying your first home is the right decision, don’t hold yourself back.
It Doesn’t Hurt to Look
Just because you’re considering buying your first home doesn’t necessarily mean you have to do so. There’s nothing wrong with reaching out to lenders, learning more about interest rates and the application process, and checking out homes that meet your requirements.
Even if you don’t make a purchase right now, the information you collect and knowledge you gain will help you down the road.
If home ownership is calling your name, 2021 could be the year that you make your big move.
Inventory is stable, interest rates are low, and moving into a new home could improve your life in a variety of ways.
If you’re ready to take action, contact a real estate agent who can assist you with your search. When you combine their knowledge with the guidance of an experienced loan officer, you’re well on your way to making a confident decision.