Wednesday, November 1, 2023 / by Lance Kelehan
As a real estate agent, one of the most common questions I receive from potential homebuyers is "When is the perfect time to make a home purchase?" While there is no one-size-fits-all answer to this question, there are several factors to consider that can help you determine the best time to buy a home.
Market conditions: The state of the housing market can have a significant impact on your decision to buy a home. In a buyer's market, there are more homes for sale than there are buyers, which can give you more negotiating power and potentially lead to a lower purchase price. In a seller's market, there are more buyers than there are homes for sale, which can make it more challenging to find the right property and result in higher prices.
Interest rates: The interest rate on your mortgage can significantly impact the amount you pay for your home over time. When interest rates are low, you may be able to secure a more favorable mortgage rate, which can save you thousands of ; ...
Wednesday, April 12, 2023 / by Lance Kelehan
As a realtor, I'm often asked by clients whether it's better to buy or rent a home. The decision to buy or rent can have significant long-term financial implications, so it's important to carefully consider the costs and benefits of each option. Here are some factors to consider when comparing the costs and benefits of buying versus renting a home:
Upfront costs: When buying a home, there are significant upfront costs, including a down payment, closing costs, and home inspection fees. Renting, on the other hand, typically only requires a security deposit and first month's rent.
Monthly costs: When buying a home, monthly costs include mortgage payments, property taxes, homeowners insurance, and maintenance costs. Renting typically only includes rent and utilities.
Equity and appreciation: When you buy a home, you build equity in the property, which can be a valuable long-term investment. Additionally, the value of the property may appreciate over time, further increasing its ; ...