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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Friday, May 05, 2006

Buying a Home

Interest rates are rising and the home market seems to be slowing down after several years of growth. While it is true you should see you home as an investment you should not get too caught up with marketing timing on whether or when to buy a home. As with stocks it is difficult to impossible to time the market for when it will be best to buy or sell. Just focus on yourself and whether you are ready to take on the responsibility of a mortgage and home financially and mentally. If you can definitely afford a home then you should buy one. The value of it could go way up or way down--there is no way to predict. But you have to look at it as your home first and an investment second.
If you buy a place that you like and that you can see yourself staying a quite a while the market could go up or down or both many times before you even consider selling it.
  • It would be great to wait for the possible home market bubble and purchase then, but what if it does not happen or at least not in the area you want to live? You sat on the sidelines when you could have gotten a better deal.
  • Lower prices might also bring on higher interest rates so you might get a better price on a home, but you possibly could be paying the same amount of mortagage on it because rates are higher
Just some food for thought on house buying and selling.

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