This Is The Time To Buy

Dated: 03/04/2019

Views: 37

Are you ready to buy a home in the Palm Beach County?  If you’re going to buy a home in this expensive market, you absolutely must find out how much house you can really afford. Crunch the numbers yourself with a free mortgage calculator found on any Google search and figure out a monthly payment your budget can handle.   Once you've decided to look for a home and you have the budget, you should really commit to staying within that budget amount. Don’t rush into a home purchase that doesn’t make financial sense for you no matter how much pressure you feel watching other buyers purchase the "good homes" right off the market.  Real estate is a slow and steady process and you don't want to negatively affect your finances by jumping too soon!

A good goal is to put 10% down.  If you can’t put down at least 10% on a 15-year or 30-year fixed-rate conventional loan, then you probably can’t afford a house in this market.   A down payment that’s less than 10% will strangle your budget with massive monthly mortgage payments.  However, if you want to get prepared to buy and you’re committed to your budget, here are some options to consider:

  • Keep saving. If you stay patient and motivated, you can save up for a five figure down payment for next year.  Every little bit counts!

  • Sacrifice some wants. If you can’t afford to buy the house you want, be willing to give up some “nice-to-haves” for your “must-haves.” Find the least expensive home in the best neighborhood you can afford and you can upgrade as your income and savings increase over time.  Again, think long term.

  • Expand your search. What if the location where you’re planning to buy is what’s busting your budget?  You might be surprised at the gem you can find in a less popular neighborhood.  We have been helping buyers find the perfect home up in St. Lucie county, even though they really wanted to stay in Palm Beach.  Trust in a real estate agent who really knows the area is the best way find a home that fits your budget and lifestyle.  We are all Team Buyers!  Our goal is the same as yours, a happy closing day!

Buying a home can be stressful, but a good agent will help you navigate the process!  We will get you through all the important steps so you can rest easy when your dream home is officially yours.  Let a professional on the GIA Elite Team help lead the way on the home search journey!   

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