David Bruce

July 15th, 2010

Time To Buy A Richmond Area Home?

Is Now the Right Time to Buy a Richmond area home? Given all of the drops in the Richmond area housing market in the last few years, many people are wondering whether now is the right time to buy a new house. Should you snatch up the good deals before prices start to rise or should you wait it out a little bit longer to see if the prices will drop even more? It can be somewhat of a gamble, so it is important to make sure that you know a few facts about the current market so that you can make the best possible decision.

One of the most important facts you should consider when determining whether now is the right time to buy a new house relates not to the market but your own situation. Consider how long you plan to live in the home. While you might not be able to look into a crystal ball and see the future, consider what you know at the moment. If you know for a fact that you plan to upgrade or even move out of the area within the next five years, then now might not be the best time commit to the purchase of a home. On the other hand, if you feel fairly confident with the fact that you will be living in the home for at least five years, then now could be a really good time to purchase a home.

You also must consider how comfortable you are with taking risk as well. If you feel comfortable with a possible drop in a home price if you need to re-sell within the next few years then now might be a fine time to make a purchase. The reality of the current market is that the fluctuations have not yet stopped. Things are improving in some areas of Richmond, yet some areas are still struggling.

In addition you should be aware that lending restrictions remain tight throughout much of the country as well. Loans are available for the purchase of a home, but restrictions are much tighter than they were in the past. Make sure you know exactly what is on your credit and how much you will be able to offer for a down payment before you consider purchasing a home in the current market. At the current time, lenders simply are not comfortable with taking a high degree of risk when it comes to mortgage loans and as a result, they tend to be more conservative when offering approval.

While now could very well be an excellent time for you to buy a new home, it is important to consider your own situation as well as how comfortable you are with taking possible risks over such a large purchase in the next few years. The current market certainly is offering good deals in many markets, but before you rush out to grab one, make sure that you are fully informed.

Interested in getting some help in determining whether now is the right time for you?  Skye Bruce Properties has a team of home buying experts to provide you with the information you need to make the right decision.  Contact Skye Bruce Properties!

This entry was posted on Thursday, July 15th, 2010 at 5:48 pm and is filed under Buying A Home. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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