Prior to the recent real estate market downturn, it was wise advice to tell home owners to wait for a minimum of five years after the initial purchase of a home before you attempt to sell your Myrtle Beach home. But with the ups and downs of today’s market, the old rules of real estate simply do not apply in all situations. With this unpredictability comes a different forecast regarding the market from a variety of sources. However, there are still time tested tips that can help you decide when the best time to buy is and the best time to sell.
In the past most people, especially first time home buyers, relied on their financial circumstances when buying a home. Although it is important to consider your finances when buying, there are several other factors to take into consideration. Life changes such as retirement, new additions to the family and job situations all have an impact on the purchase of a new home.
Some questions to ask before buying a Myrtle Beach Home:
- Will you be retiring in the next five years and possibly relocating to a warmer climate or moving to be closer to grand children?
- Do you plan to expand your family in the next five years?
- Will you have children moving out of the home in the next five years?
- Do you currently have a low credit score and are there things you can do in the next five years to improve your credit?
If the answer to these questions is “yes”, then you may want to consider waiting for a while before you consider purchasing a new home. Although we cannot predict the future for real estate, you can often predicate upcoming changes in your circumstances which will make waiting a wise decision.
Things to consider with finances which are a very important aspect of buying a home:
- Will your income be higher or lower in five years?
- What is your current debt level? Could you decrease or eliminate debt in the next five years?
These are things that will affect your interest rate and sometimes the term of your mortgage. Now may not be the best time to take on a new mortgage that comes with purchasing a Myrtle Beach home.
Regardless of your financial position, it is a good idea to meet with a financial consultant or mortgage broker to determine what is the best option for you and your family. By taking a few precautionary steps you can avoid future financial disasters. With the right advice buying a new home can be a pleasant experience and one that will keep you secure into the future.
JP Real estate experts are here to help you determine if now is the right time to buy or sell your Myrtle Beach home. Call us today – we are here to serve you.
Jerry Pinkas Real Estate Experts
604 N. 27th Ave Myrtle Beach, SC 29577
Myrtle Beach Home Buying Exerts