From Nick Maffeo, President & CEO, Canton Co-operative Bank A newspaper article recently cited a survey saying this is “a bad time to buy a house.” Supposedly because of rising interest rates, which do make it more costly to borrow.
But the fact is that the super-low interest rates of the last few years did not lead to more affordable houses around here. Quite the opposite. The super-low rates actually led to higher prices and serious bidding wars, with buyers feeling compelled to pay substantially over asking prices and waive important protective contingencies.
The best time to buy a house in the metro Boston area historically has had very little to do with interest rates or housing prices. The best time to buy a house is when you’re ready, willing and able to take on home ownership – meaning you have a predictable income stream, you know you want to live in this area at least for a while and you’re prepared for the costs and responsibilities of being a homeowner.
When it came to the timing of buying a house, a woman I know told her kids and their friends that “if you think you can do it and you really want to do it, just do it. You’re going to find a way to make it work.”
That is often the case. Buying a house is an experience that makes people nervous and it’s probably fair to say that almost every buyer has some serious concerns. But in the metro Boston area, the majority of people were quite glad they did it and they report that their initial concerns eased over time.
It can always seem like the wrong time to buy a house. If you’re working with a lender you trust, they can help you figure out if it’s the right time for you. If you’d like to talk about your best options today, come see us or call 781-828-8811 x4.