Why First Time Home Buyers should face their fears and buy NOW!
It can be difficult, time-consuming and even down right scary becoming a first time home buyer in this day and age. There are so many factors to think about when buying a home in any climate...Am I committed enough? Is this where I want to live for the foreseeable future? Do I have enough money for an investment like this?
In the most recent episode of the Austin Mortgage Report we took an in-depth look at the nuances of first time home buyers. Why they aren't buying right now and MORE importantly - Why they SHOULD be! Here are some of the factors we discussed.
What intimidates first time home buyers?
New to the process, unfamiliar, lack of knowledge
Overwhelming amounts of information
Fear of long-term commitment
Perception that it is hard to get a loan
Who is gonna fix it?
Millennials are simply avoiding adulthood. Which causes them to be apprehensive about making big ticket purchases like buying a car or a home. The fear of being uninformed and being new to the process is a main factor which is leading younger adults to put off the joy of home buying. For most of the new generation the fear of any type of long-term commitment is a HUGE reason most wait on purchasing. The complex of missing out of an event, vacation, festival or anything similar because of your mortgage scares young kids and they don't like to be held back - even if it is their investment. Fear of initial down-payment, the perception that it is difficult to get a loan and the hassle of learning how to fix the refrigerator and A/C yourself are also factors related to why they aren't buying right now. Although these sound like some tough hurdles, the reasons to buy outweigh the reasons not to!
Why you ABSOLUTELY should buy now!
Rates are historically low
A spike in births since 89' has caused competition
If you own a home you are Richer!
There are no good deals anymore
The Market is healthy
Though there are many reasons that may stall the younger demographic from buying, there is always brighter side! Rates are historically low based on the last few years, the market is the healthiest it has been since the recession and the biggest point is that if you own a home you are a richer individual! Your net worth automatically peaks when you have equity and one of the best investments is a home! The best time to act is NOW! There is no shortage of great homes in our area and the good deals are few and far between. It is best to buy NOW because since there has been a miniature baby-boom since 1989, those kids are going to be looking to buy soon, hence more competition! Bottom line, buy now and watch your worth go up!
Was my argument convincing? Then start the process of determining your home buying options by completing the FREE NO OBLIGATION application on my website: www.JohnSchutze.com.