This is a big question! There are no right or wrong answers–only what’s best for you in your current situation. But, if you’re wrestling with that question and trying to make a decision, here are a couple of things to consider. Knowledge is power, and the more you have, the better equipped you are to make a decision.
1. Mortgage rates are still very low, but are not likely to stay that way forever!
2. Inventory of available homes, at least in San Antonio, is good.
3. Average home price in San Antonio is $191,750, as of May, 2011 (latest stats available). This represents a 5.6% increase from April, 2011. Expect that to continue.
4. As home prices rise, even slowly, you may be able to afford less and less home.
5. If you’re currently renting or thinking about renting a home, keep this in mind–as a renter, you’re still a home buyer; you’re just buying for someone else! Why not put your rent money toward purchasing your own home rather than your landlord’s?
6. Our market here in San Antonio is pretty balanced between sellers and buyers, with a slight tilt in favor of buyers. Sellers are still willing to negotiate to help make a sale, so this is a good time to take advantage of that willingness. It has not always been that way, and will not continue indefinitely!
7. When you’re ready to become a homeowner, call me! Sue Trautner, 210-363-9282.