It Can Be Frustrating To Try To Buy A Home Right Now, But Keep At It!


It Can Be Frustrating To Try To Buy A Home Right Now, But Keep At It!
By Scott Rogers • June 8, 2023
Surely, homeownership isn't for everyone... [1] You might only know that you'll be living in the Harrisonburg area for a year or two, and thus it might not make sense to buy. [2] Your overall financial picture might not be stable enough right now, or yet, for it to make sense to buy a home. [3] You might not be ready to take on the long term commitment to the ongoing costs of homeownership such as replacing a heat pump, a roof, etc. But... there are seem to be plenty of people locally who are not currently homeowners, but who are ready to own a home... [1] They know (or are very confident) that they'll be in this area for 5+ or 7+ years. [2] Their finances are stable and they have funds saved up for a downpayment and closing costs. [3] They understand and are prepared for the ongoing costs of homeownership such as improving or replacing the systems or building components of a home over time. Plenty of these well prepared, would-be, homeowners have not been able to successfully secure a contract to buy a home over the past few years because of extremely high levels of buyer interest in buying in our local market - which often results in multiple buyers making offers on the same house within the first day or two that it is on the market. So, yes, it can be quite frustrating to try to buy a house right now. You might make offers on 2, 3, 4 or more houses and still not have a contract to buy a home. What should you do? Should you give up? Rent forever? If you match the description above (staying here, financially stable, prepared for home maintenance costs) I would encourage you to keep trying to buy a home. Eventually it will work out, and you will successful contract to buy a home and then you'll be able to start enjoying the many benefits of homeownership, including... [1] Mostly stable housing costs - with the principal and interest portion of your mortgage payment staying level, even if there are some increases in taxes and insurance over time. [2] An increase in the value of your home over time - maybe not every year, but certainly over the long-term. [3] The ability to make a house/property your own, improving or upgrading it to fit your specific needs and wants. [4] The tax benefit of paying mortgage interest. [5] Often longer-term relationships with neighbors which doesn't happen if you're bouncing around from one rental to the next. The list could go on, but I think you get it -- there are plenty of great reasons for many (but certainly not all) folks in our area to buy a home -- so even if you miss out on an offer or two, don't give up the hope yet! Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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