https://realestatecongermania-es.blogspot.com/2024/05/cuando-es-el-mejor-momento-de-comprar.html
When is the Best Time to Buy a Home in the USA, specifically in South La Florida?
Buy one ownership can be a high-impact decision for any family group, for some, it means family stability and wealth growth. for others, it means risk and unnecessary borrowing with worrisome interest rates. As a professional real estate agent in the USA, I believe that every family group it has its own characteristics and its own decision-making processes, and It is in this sense that I dare to develop this theme.
Financial Qualification - First Buyer in the USA.
Certainly Qualifying for the purchase of a home in the USA requires meeting a series of of requirements and conditions for bank approval, and I believe it is the basis of the analysis to know if it really you are ready to benefit from an FHA or Conventional First Term Loan Buyer. A qualification as a first buyer requires you to have 2 years of taxes if you are a W2 worker, A healthy credit, an economic activity stable, borrowing capacity, i.e. that you do not have debts that affect your monthly mortgage payment potential, among others. It should also be counted with a minimum of savings for you to qualify, at least 3.5% for the initial payment and approximately between an additional 4% to 6% for closing costs. Bringing all these variables together, It's not very simple, and in some cases families can take a long time to be there. in that phase of being REALLY QUALIFIED, to go to the market and extend FIRM PURCHASE OFFERS.
Market Momentum.
We are in a time of inflation in the United States (at the time of the writing this blog is May 2024), and Naturally, the inflationary phenomenon has impacted the real estate market. Certainly, the value of housing has increased significantly, in some States more than others, but in general terms in the last 5 years the increase in the market price has increased, just as the price of Rents for rentals. The Market Moment variable is not necessarily easy to predict, and some Economic specialists say that this trend will continue to happen in the next 4 years .
Try to align These two variables (Financial Rating and Market Momentum) can be tempting for some families, but I think it's not necessarily easy conjugation or prediction, and you can fall into a vicious cycle of procrastination and delay in such an important decision; which creates a liability a very important family financial institution, such as the renewal of Annual Rental Contracts for No Less $25K in South Florida.
In my experience In particular, I have had to advise some families who have postponed the buying your first home, for fear of buying on a Price Market And then when they are encouraged to buy again months later, they no longer have the financial condition of approval as first-time buyers for the type of home they want in certain cities in South Florida; And they're forced to prepare again In terms of taxes, credit score, desirable household income, debt management and savings for down payment and closing costs.
It doesn't matter which one be your decision or point of view as to whether it's Time to Buy or should Wait, I invite you to always work hand in hand with a specialized agent that is up to date with the market and manages the economic bands of the cities that interest you, and above all can advise you throughout the entire process, once you're ready to buy.
I hope this note will be useful.
Germania Garcia Realtor®