Whether you are a rookie at buying homes or a pro who has owned several homes in your lifetime, there comes a time when everyone gets the itch to move. Buying a home when it’s not the right time due to personal financial reasons or the overall housing market can lead to buyer’s regret. If you are thinking about starting a search for homes for sale in St. Louis, consult with an experienced St. Louis realtor who intimately knows the St. Louis real estate market. According to an article by the Housing Wire, buyers have an advantage. A survey by Fannie Mae revealed 90 percent of young renters would prefer to own a home.
Interest Rates Are Still Low
One of the main reasons it’s an excellent time to become a move-up home buyer or a first time home buyer is the fact that interest rates are still incredibly low. If you have equity in your home, you can use that equity to qualify for a nicer, larger home for sale in St. Louis or the surrounding area. If you have never owned a home before and can’t come up with a large down payment, you can still enjoy low-interest rates. Also, Fannie Mae and Freddie Mac now offer low down payment mortgage loans requiring just 3 percent.
You Aren’t Underwater on Your Mortgage
Some people have been staying put because they owed more on their mortgages than they could get if they sold their homes. In St. Louis, home values have been going up. A good St. Louis Realtor can give you a good estimate of what your home is worth by looking at comparable homes in the area. If you are a renter, you don’t have a mortgage. As a renter, the sign that it’s time to buy a home is when you aren’t behind on important bills. If your loans are in forbearance or if you recently declared a bankruptcy, you aren’t ready to search for homes for sale in St. Louis.
A Better Job Awaits You
Another good reason to buy a home is if you have a job offer or career opportunity in St. Louis. Some people simply want to shorten their commute by selling one St. Louis-area home and purchasing another closer to work. A reputable St. Louis Realtor can help you with a corporate relocation to St. Louis. Whether you choose to buy a new construction home or a resale home, the secret is to time it right so you don’t have to rent.
You Want a Better Lifestyle
Whether you want to move closer to family or have children who want to attend a better school, buying a different home can accomplish different goals. It’s not always about the listing price of a St. Louis home as much as it’s about the price you pay in terms of emotional distress by living in a less desirable community. Your Realtor will help you find a neighborhood where you feel safe, happy and secure.
At Waters & Associates Realty, we work with first time homebuyers as well as move-up buyers who want to elevate their lifestyle. For help with your search for homes for sale in St. Louis, please contact us.