Is purchasing a dream home right now beneficial? A burning question is evolving within the market. Our insightful research suggests you go for it. The answers related to “whys” are below.
- After 14 years, in December 2022, the mortgage rate (6.49%) had decreased.
- Mortgage rates are going to be reduced more as inflation retreats.
- Sellers are struggling to cover the backlog, i.e., great homes at a lower rate.
- Small down payments are widely accepted.
Considering these favorable financial terms, your determination has solid ground. Before kick-starting, ideally, you should narrow the search by evaluating various types of homes to purchase right now.
Below Factors that Matters to Buying a Home Right Now
- You should have solid projections regarding life goals, family growth, and interests.
- Income matters; concern for job security is a must.
- Your ability to meet the costs associated with purchasing a dream location to shift
- Your and your partner’s current credit score.
- Any sort of financial debt.
Deciding over Home Type to Make a Deal at Present
Not to mention, tiny houses to lavish mansions are available in the US real estate markets. But what is the best fit for you? A detailed discussion can assist you in purchasing property at the present moment.
Town Homes
This type of living space is the perfect solution for city dwellers. Purchasing a townhome allows you to have your own entrance, a multi-floor living facility, and if you are lucky enough, a mini lawn. Keep in mind that the exterior of your townhome must comply with the respective HOA’s guidelines while being tolerable to city noise.
You can purchase a city home in California for $385,000 to $1,149,000. Similar housing in Arizona, Washington, and New York can cost you around $477,000–$925,000.
However, in most cases, the townhouses are old and used by multiple owners. This is a gentle reminder that, in addition to the purchase price, you must budget for renovation, moderation, or repair work.
Notes
- Only consider it if you love the city’s hustle and bustle.
- If you are required to live close to your workplace,
- Fond of striking nightlife.
Single-family Homes
Not only at present but always, this type of home is the popular choice for people with kids or having plans to raise a family. Having one single-family house means more spaces, flexibility, and functional features. In general, single-family homes have multiple bedrooms and bathrooms, a living room, a kitchen, a nice lawn, and so on. Truly, you can get the meaning of “Home Sweet Home” by living in this type of house.
Considering your capability of a $40,000–$60,000 down payment and a steady income source, numerous options are available in the market for you.
For mountain cottages, you can select from Colorado’s properties; the median living-location price is $575,013. For more green space and breathtaking landscaping, locations in Virginia are top-notch for buying a striking home. Along with many suitable options in Virginia, single-family homes in Centreville are surprisingly listed for less than $400,000. There is no need to mention that Florida and North Carolina are the best places to find a beachfront address; the median house prices are $407,000 and $329,551, respectively.
Notes
- You should be highly concerned about job security or a consistent income source.
- Location should consist of quality education, safe neighborhoods, and modern living facilities.
- You should make a physical visit before purchasing, as this might be your forever home.
Apartments or Condos
Ok, this solution combines some aspects of townhouses and single-family homes. If you do not live alone and enjoy city life, apartments or condos may be useful in your search for house categories. Apartments and condos are more likely to be located in prominent locations in a city and equipped with exclusive amenities.
Depending on facilities, interiors, views, floor number, etc., you can find the best apartment or condo according to your budget. Counting the top-notch choices, in Miami, an 81-square-meter apartment’s price ranges from $409,000 to $535,000.
If you want a budget apartment or condo, you should look in Chicago, San Francisco, Orlando, etc. Please keep in mind that, for a decent family living, a property in a vertical extension in New York, Florida, Washington, etc. is remarkably higher. The least expensive properties should be considered to be above $500,000 in price.
Notes
- Apartments and condos are very expensive.
- Because there is no green space, you have to look for a park nearby where their children can play.
- Easy accessibility to city locations.
Apart from the above types of spaces to buy this time, if your budget is low, you still have options like tiny houses, boat houses, homes in rural areas, and so on. Our expert suggestion is that you should consider single-family homes for purchase within six months. Must remember, this type of house is easy to add value to, sell, and rent out. So, there will be adequate room for the future, considering changes in decisions, situations, or needs.