There goes the saying. “Home is where your heart is.” To set the record straight, it truly is where your heart belongs. After all, our home is our safe haven. But remember, the decision to purchase a home is a significant one. Make sure you're doing it at the appropriate time. But how can you tell when is the best time to buy a house?
Purchasing a home is a significant financial and personal choice that will affect the rest of your life for years to come. You want to consider all the implications before diving in headfirst.
Is 2023 a good time to buy a condo property?
Of course, what in 2023 will be considered a competitive offer will differ greatly from one location and market to another. In 2023, bargaining and negotiating are necessary when buying any home. This is a crucial step in the process, so don't be afraid of it! Who will cover the majority of the closing costs is the topic of the majority of negotiations.
The best way to purchase a home in 2023 and later is to speak with an experienced real estate agent. Real estate agents are knowledgeable about the neighborhood market and can guide you to homes that are suitable for you in your desired location. In general, it's only advisable to forgo working with a real estate agent if you already have a specific property in mind and are acquainted with the owners.
Pros and Cons of buying a house right now
A major choice like buying a home can have long-term effects on your finances.
Pros:
- Even today, purchasing a home is preferable to renting. Rents have increased almost as quickly as home prices. Moreover, renting is typically more expensive than buying a home in many markets.
- When held over a period of 20 to 30 years, long-term trends favor rising home prices. The values fluctuate, much like the stock market, with a decline in some years and a sharp increase in others. Purchasing a home with a long-term perspective means you'll pay much less than the property will be worth 20 to 30 years from now.
Cons:
- Some businesses cut jobs as spending becomes more restrained to protect their capital, raising unemployment. If you obtain a mortgage at one of the most expensive points in the housing market and lose your job or receive a pay cut, you might find yourself in default on your mortgage.
- Purchasing a home today entails paying peak or close-to-peak prices. Given that home prices are beginning to decline, falling home values could push you underwater, where you owe more on your mortgage than the house is worth.
Steps to consider when buying a Condo this 2023
Your top priority as a first-time home buyer in 2023 should be to conduct extensive research. Choosing the ideal home and neighborhood will be in your best interests (both personally and financially). Carefully consider your finances before pulling the trigger on what may be the most expensive purchase you'll ever make in your life.
You should consider the following:
- What kind of residence do you desire regarding size, amenities, inclusions, etc.?
- Where are you looking to buy a house? Homes in suburban or urban areas are typically more expensive. Prices may also rise depending on the home's location in relation to desirable schools, its neighborhood, etc.
- Living in the city? Maybe it’s time for you to look for a condo for sale in the Philippines, especially if you’re around the Metro.
It's time to submit a loan application to a bank, credit union, or other financial institution if everything up to this point appears favorable. If you have already received preapproval, applying for your loan should be quick and easy. To ensure you remember everything, make sure to carefully and completely fill out the paperwork.
If everything goes according to plan, you'll have your loan approved in just a few days, enabling you to finalize your offer to a home seller and proceed to the next stage of the procedure.
Once more, if you are not eligible for any mortgage loans, work on repairing your credit in the interim or look for other funding sources.
In 2023, remember to do this! Before purchasing a property, always give it one last inspection to ensure the seller did not attempt to deceive you. Verify that all of the electrical outlets and appliances are in good working order and that the yard, doors, and windows are all in good shape.
When is the best time to buy a house?
If you're prepared to purchase, you could ease your mind by purchasing your home as soon as you're ready. Experts argue that now is a good time to buy a home if you've saved up for a down payment and are prepared to do so—especially if you're renting. Even if prices continue to decline, you won't significantly reduce your expenses as long as you keep paying rent.
Simply put, a "buyer's market" is one in which there is greater market pressure favoring buyers as opposed to sellers, and it is, therefore, the best time to purchase a home. This typically indicates a surplus of available homes, giving prospective homeowners more options. Because there is a high demand and a high supply, sellers must meet buyers in the middle and engage in more negotiation to close deals.
Benefits of having your ‘own’ condo home
Owning a home is another excellent investment. Your home's value will typically increase over time. However, this is only sometimes the case as landlords frequently increase rents yearly with no notice. As a tenant, you are not eligible to receive even a small portion of the money you have paid over the years back in your pocket.
Owning a home not only makes you feel very proud of yourself, but it also gives you a sense of security. You have complete control over your living arrangements when you have your own home. It is a place where you can feel safe and build memories.
For more information on Vista Residences, email info@vistaresidences.com.ph, follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
