What To Consider Before Buying A House in Concord, CA

When mulling over the things to consider when buying a house, the process can become increasingly daunting. There are, after all, a lot of things to consider when buying a home.

If you are thinking about buying a house in Concord, you should ask yourself several questions to determine if it is the right time to do so.  Whether you are a first-time homebuyer or a seasoned investor, here are some of the most important things to consider when buying a home:

• Duration of stay
• Job security
• Down payment
• Emotional state
• Local market indicators
• Mortgage rates
• Supply and demand

Duration Of Stay

While often overlooked, the amount of time you plan to spend in the home is one of the most important factors to consider when buying. Essentially, does the duration of stay make it more economical to buy than rent? Of course, there is no simple answer to such a generic question. 

Job Security

The last thing you want to think of when buying a home is job security. There is perhaps nothing worse than buying a home, only to discover that you are unemployed shortly after. So before you make a 30-year commitment to mortgage premiums, make sure you are secure in your employment position.

Down Payment

The down payment on a purchase remains one of the biggest obstacles in the way of potential buyers. Millennials, in particular, have found it difficult to save up a lump sum of money. Not only did the millennial generation graduate from college during one of the worst recessions in American history, but they are also saddled with student loan debt.

Emotional Status

As simple as it may sound, the emotional state of a buyer is particularly important during the process of buying a home. Buying a home is a huge commitment that not everyone is ready to sign up for. Owning a home comes with additional responsibilities: responsibilities that not everyone wants to deal with. 

Local Market Indicators

As frustrating as it may be, one of the largest factors to consider when buying a house is something you have no control over the local market. The market you are interested in may not have any homes in your price range or the right location. So while interest rates are important, it is equally important to own in the right market.

Mortgage Rates

Many people expect mortgage and interest rates to rise in 2018 as the Federal Reserve continues to tighten its monetary policy and make moves towards decreasing its balance sheet. However, this prediction has been spiraling through the real estate industry since late 2016, which makes it difficult to know if and when a notable hike will occur. One thing is for certain, buying a home at the beginning of 2018 will ensure homeowners a locked in a low rate compared to decades past.

Supply And Demand

Because home prices have been appreciating, many hopeful buyers are finding it difficult to purchase within their financial reach. Even current homeowners are opting out of buying newer, bigger, better homes—trading up if you will—for the same reason. This is making it even more difficult for first-time buyers because the supply of starter homes is less than ever before. While this may make it harder for first time home buyers, investors who own passive income properties should benefit from the current state of the market.

— see article here: https://www.fortunebuilders.com/things-to-consider-when-buying-a-home/

We buy houses in Concord, CA and can help you with any situation. We pride ourselves on our reputation of leading with integrity and truly helping our clients. It’s our goal to make each client feel like we’ve achieved a WIN-WIN scenario. 

Sell My House In Concord, CA

If you need to sell a house in Concord, reach out to our team before committing to an agent. Not only can you save tens of thousands of dollars by working directly with us, we also offer cash for houses in California no matter the situation. Our team will make sure the selling process is fast and easy so you can sell your home without any extra costs, headaches, or wasted time!

Do you need to sell a house in Concord? 

We’d love to learn about your situation and see how we can help. Call (510) 900-4090 or email ([email protected]) to get a no-obligation offer on your home!