Is There A Right Time To Buy A House?
May 7, 2008 – 5:42 pmMy friend, Paul, tells me that the economy in the United States has slowed down a lot. But I tell him that the economy moves in a cycle. When it’s roaring, we make hay while the sun shines and when it slows down, we take it as a break from our crazy work schedule. He fully agrees.
Do you know when ifs the best time to buy a house? Do you commit yourself to a long term mortgage when the economy has slowed down or do you buy a house when the economy is bullish? I see that mortgage lenders are still doing roaring business!
The logic is that when the economy is good, you earn a lot and can cover whatever mortgage you have taken out without a problem. On the other hand, if the economy is slow, and if you could still keep your job, your mortgage repayment is usually lower.
So, is there ever a right time? When my sister planned to buy a house some 1.5 year’s ago, her boss told her to “Just do it!” There will never be a “right” time at all! What do you think?
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