Is It a Good Time to Buy a House?
Are you thinking about buying a house, but not sure if the time is right? Maybe your apartment lease is drawing to a close and you’re wondering whether you should look for a house or renew for another year. Perhaps you’ve accepted a job in a new city and you’re unsure whether you should rent or purchase. Or maybe you already own a home and you’re simply questioning whether now’s the time to upgrade, downsize, or move into that other neighborhood you’ve been eyeing.
When it comes to the timing of real estate purchases, some of the most important factors to consider are sales prices and interest rates. According to data published by U.S. News & World Report, home prices and mortgage rates continue to be relatively high—the median home price was up 5.1% year-over-year in October 2024, and 30-year fixed-rate mortgage rates were approximately 6.85% in December 2024. As such, if cost is a concern, you may want to hold off on buying a house.
With that said, if you can afford to purchase a house right now, it may still be a good idea to do so, since owning a home will allow you to start building equity and take advantage of certain tax deductions. Plus, if mortgage rates do end up decreasing in the future, you could still have the option to refinance and obtain a lower monthly mortgage payment later on.
Other Factors to Consider
While sales prices and interest rates are certainly important considerations, when deciding whether it’s a good time to buy a house, you should also think about:
- Your credit score (since borrowers with high credit scores typically receive the best mortgage rates, you may want to continue renting while you build up your score)
- Whether your job is secure (if you’re concerned about getting laid off, you may want to avoid committing to mortgage payments)
- How long you’re planning to remain in this location (you should try to stay in a new house long enough for the sales price increase to cover the various costs associated with buying and selling)
Ready to Move Forward With Buying a House?
Once you’ve decided to proceed with purchasing a house, you’ll need to find a real estate attorney who can represent you in the transaction. Florida doesn’t require that attorneys oversee real estate sales, but it’s still a good idea to have one on your side so that they can represent you in negotiations, provide you with legal advice, and draft any additional documents you may need (e.g., contract amendments and occupancy agreements).
Luckily, if you’re in Pasco County, Hernando County, or any other community in the Tampa Bay region, you can get the legal assistance you need at The Lyons Law Group, P.A. Our real estate law firm has been serving clients like you since 2008, and we proudly offer a wide range of real estate closing services for buyers and sellers. Contact us today to schedule a free initial consultation at either of our offices (we have locations in New Port Richey, FL, and Spring Hill, FL).
