Is Now A Good Time To Buy?
Is now a good time to buy?
This page was written in December 2020, however the points I make on it will still be relevant whenever you are reading this. Read on to see why.
*** Yes I still agree with this in August 2023 ***
Your home may be repossessed if you do not keep up repayments on your mortgage.
What people are really asking…
When first time buyers ask me “is now a good time to buy our first home” what they are really asking me is “what do you think will happen to house prices in the future?”
Here’s how I always answer them…
The question you should be asking is…
“Is now the right time for me/us to buy our first home?”
To know if now is a good time you need to look at your position, not ‘the housing market’s position’. You should consider:
- Can you commit to one location for a long time?
- Is your job and income stable?
- Can you commit to another person for a long time, if you’re buying together?
- Are you ready to settle down?
- Can you afford a home that meets your needs?
If you’re answering yes to most of those it sounds like you’re ready for the commitment of a house, and a mortgage. Especially if the alternative is paying somebody else’s mortgage via rent.
There is no good or bad time to buy a first home, only a right time for you to buy your first home
Nobody knows what house prices are going to do next month, next year, or at any given point in the future. If somebody tells you they do know… run. They don’t.
If you listened to the media then here wouldn’t have been a good time to bu in the last 40 years. “House prices are in a bubble, don’t buy; house prices are about to fall, don’t buy; house price have just started going up, wait to see if it keeps happening” and so on.
You are buying a home, not making an investment. This isn’t something you are doing to make a quick buck, but sure, it’s a bonus if it does go up in value quickly.
The fact that you’re reading this though suggests that you probably answered yes to most of the questions above. And if that’s the case, now probably is a good time to buy a first home, for you at least.
If the market dipped for the entire country shortly after you buy would you really regret owning your own home?
So, you tell me, is now a good time for you to buy your first home?
Manchester First Time Buyer Resources
Why Jamie Thompson Mortgages