Best Time to Buy a Home is…
The best time of buy a home is…
When is the best time to buy a home? One might argue that the cost of homes in South Florida is very high and most people simply cannot afford to buy a home in today’s market. Some might say that with the degree of difficulties and all the hoops that banks make buyers jump through to grant loans it is impossible to obtain a home loan and to purchase a home.
I say to all this…. NONSENSE! The best time to buy a home is as soon as you can. It is true that home prices in south Florida are high, but guess what? Home prices in south Florida have always been high. Think about this, I recently listed a home in Hollywood Hills, Florida for $359,000.00. This same home my clients bought less than five years ago for $250,000.00. They jokingly told me that they did not know how they were going to afford the home when they bought it for that price, and here they are five years later selling it to purchase another listing I have for $509,000.00.
What does that mean? It means the best time to buy a home is right now! If they had not taken the leap of faith and bought their home for $250,000.00 five years ago, they would still be without a home and would not be able to sell it today for almost $100,000.00 more than they originally paid.
I purchased my first home in 1992 for a whopping $80,000.00 in Miami Springs, Florida. It was more money than I had ever imagined spending at one time in my life. It was all of 820 sq. ft. with 2 small bedrooms and 1 ½ baths. I remember thinking this home is so small we had to go outside to change our minds; but much like my clients in Hollywood Hills; I sold that home 5 years later and was able to buy my second home for $179,000.00. Had I not taken what seemed like a huge risk at the time I would probably still be renting. The moral of the story? Don’t worry about prices being so high on homes and just buy one. Buy a small one. Buy a townhouse, or buy a condominium. Just buy something, and let the prices keep getting higher. Once you’re on the homeownership train, you’ll be glad you’re on, and as my father always tells me time is going to pass regardless and when the price of the home you are worried about buying now is 25% to 50% more than you paid, you’re going to be so happy you bought it.
I am Roger Morales a Florida Realtor and I make Real Estate Dreams come true!