A common question asked by many folks considering the purchase of a home is always: “Should I buy now or wait a few months to look for market trends and then make a decision?”
My answer to the question differs each time because each family has a unique financial situation, social requirement, 5 year plan, family size, and estimated family income, etc.
That is where I come in and help each family to explore their situation. This has helped them make a decision on whether they should buy in the current market or wait.
Related: Search home in your area
Here is a list of the most common factors that affect interested home buyer decisions:
- First time home buyer?
- Are you buying a second home or selling your first home?
- Age of children if any.
- Total income of all family members.
- Family members, who will be joint owner of property.
- Job stability.
- Number of vehicles / are they paid off?
- Any plan to purchase a new vehicle?
- Type of profession.
- Type of business.
- Will parents be living in the home as well?
- How long do you want to own this home?
- 401K Plan / Investment balance
- Stocks, CD and other assets.
If someone is thinking to purchase a home for the first home, then they should consider the following:
- Compare annual rent v/s annual mortgage interest, and property tax between properties
- If you have children what is their age?
- What school district children are going?
- What is the job location and commute time?
- Means of transportation for job?
- Possibility of doing business from home?
- What is an appropriate down payment?
- Approximate no. of bedrooms required?
- How much does it affect to family if the property price go up or down by a few thousand.
If you already own a home/condominium, and are thinking to buy another home, consider the following:
- How long you owned your 1st home?
- Whether the property is managed by HOA
- If yes, will any CC&R affect ownership restriction?
- Can they rent the property?
- If yes, will there be a positive cash flow?
- What city do you own your home in and where are you considering a new home in?
- Any plan to sell your existing home?
I will be more than happy to discuss each factor with you in depth if you are planning to buy or sell home, with no obligation. Feel free to call or text Shrenik Parekh at (925)-400-7075 to schedule an appointment. Shrenik Parekh REALTOR® CA, is providing real estate service in San Francisco Bay Area and East bay cities Pleasanton, Dublin, San Ramon, Danville, Livermore, Fremont, Milpitas, San Jose.
I am here every step of the way to guide you on what decision is best for you.
Just learn about how to buy a house before you decide
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