IS NOW THE RIGHT TIME TO BUY A HOUSE?

laurengage
May 2
2 min read

How to know when you’re actually ready to become a homeowner!!

Buying a house is a huge milestone—both financially and personally. But how do you know if the timing is right? Between high mortgage rates, fluctuating home prices, and your own financial goals, the decision can feel overwhelming. In this post, we’ll break it down into simple, practical steps to help you figure out if now’s the right time to make your move.

Are You Financially Ready?

Before even browsing Zillow or heading to an open house, ask yourself these questions:

Is your income steady?
You want to feel confident making monthly mortgage payments.
Do you have a solid emergency fund?
It is important to take care of your short term health and savings before you start looking at the long-term or future.
Do you have a solid credit score?
A 700+ score is ideal for most loans.
What’s in your savings?
You’ll need at least 5–20% for a down payment plus closing costs. Make sure to calculate costs beyond mortgage, to ensure you are truly ready to buy a house.
How’s your debt situation?
Lenders prefer your total debt payments to be under 43% of your income.

What's Going on in the Market?

While no one can “perfectly” time the market, here are a few trends to keep an eye on:

Mortgage rates are still high, which is slowing down buyer competition.
More sellers are cutting prices. Some are reducing by tens of thousands of dollars.
Price drops are expected. Zillow predicts a dip in home prices of up to 2% by late 2025.

Tip: Look into assumable mortgages—this lets you take over the seller’s lower rate if eligible!

Are You Personally Ready?

Beyond the numbers, think about your lifestyle:

Are you planning to stay in the same area for the next 5–7 years?
Are you ready for home repairs, maintenance, and the unexpected costs that come with ownership?
Do you want a home, or are you feeling pressured by others or social media?

Don't Forget About Financing

Starting early with finance and accounting can save you major headaches later:

Understand your financial statements (like income, expenses, and assets).
Have a budget in place before buying.
Your friends might say, “just borrow all the money,” but be cautious. A bigger loan = more interest over time. Borrow smart.

Why Internal Controls Matter

If you're starting a business—or even managing personal wealth—internal controls (like tracking expenses, setting limits, or having checks and balances) protect you from costly mistakes or fraud. Owning a home is no different. You’ll need good systems in place to manage upkeep, costs, and documents.

Final Thoughts

In today’s market, the right time to buy isn’t just about interest rates or headlines—it’s about you. If your finances are in order, your job is stable, and you’re ready to settle down, that’s a strong green light.

And remember: even if the market shifts, owning a home is a long-term investment in your future.

Want to know more about budgeting for a house or how to prep your credit? Drop your questions in the comments or reach out—we’re here to help you feel confident in your home-buying journey.