If you’ve been thinking about buying in 2020 you may be wondering if now is the right time to start the process. We recommend that buyers begin their home buying journey 3-6 months before they actually plan to move - so if 2020 has been a year when you’ve considered taking the plunge, the time is right to think about if you’d like to move forward with your plans this year.

Here are 5 questions to ask yourself when considering “Is now the right time to buy?”:

1. Do you want to move or need to move?

If you love where you live and everything about your current living situation, then now may not be the time to make a change. If you can’t imagine not living in your current home, then you should stay right where you are. If you’ve been thinking about moving for a while and planned on moving this year, or if your current situation has changed and moving seems like the best path forward, then it may make sense to proceed.

2. Is homeownership appealing to you?

There are some people who really love renting and the perks that come with it. And thats 100% OK - if this is you and the financial benefits of homeownership aren’t worth the extra work, you know yourself best and the time probably isn’t right. If you’re willing to take on a little more maintenance and effort for future financial benefits, and the idea of owning your own place sounds great, that’s a strong yes.

3. Do you have flexibility with your moving date? 

Many people have a certain date in mind that they would like to move on - maybe its when your lease ends, or when your roommate moves out, or when you start a new job - but realistically, a home purchase can be challenging to time exactly with so many variables out of our control. So while there’s a certain date that you would like to move on, can you move sooner or later without it ruining your life or costing a ton of money? Ideally, its best to have a 30-60 day window in which you could move at any time.

4. Are you certain that your job and income are stable? 

This may seem like an obvious one, but it’s a good idea to really think about whether your job could be impacted by an economic downturn. Another question to consider is, if you lost your job, how quickly and easily would you be able to find one that paid a similar amount? Some industries are harder hit by this dip in the economy than others. It’s important not only for the purposes of being able to qualify for a mortgage and complete a home purchase transaction that your income and employment are stable, but also because after investing a large amount of savings into your down payment you may have less flexibility with your budget if you experience fluctuations in income. Taking on a large amount of debt and a new monthly payment are best approached from a position of financial strength and security.

5. Do you have time to invest in the home search process?

During these times of staying at home some people have more free time than ever before in their lives. Others, including essential employees, frontline workers and anyone with kids at home may be in the opposite position with little to no free time. We find that the process of searching for and purchasing a home is less stressful and tends to go more smoothly when buyers have time to invest in the various parts of the home buying process. If you’re feeling like you don’t have enough hours in the day to do what you need to do, you may want to wait until a time when you can dedicate more energy to your home purchase.

If you answered yes to most or all of these questions, then all signs point to this being a great time for you to explore homeownership on a deeper level. We completely understand that everyone has a personal level of comfort with the current situations that we're collectively facing, and while some may be ready to hit the ground running, others may be most comfortable starting with learning and gathering information while stay at home orders are in place. Regardless of where you are, we’re here to help! Schedule a no-obligation completely free virtual consultation to discuss your specific needs and plans here.