Buying a home is a serious investment, which is why many would-be buyers get caught up in all the “what ifs” of things that could go wrong, and ultimately let those fears stop them from buying their dream home.
But the truth is, most “what ifs” have a logical explanation, and don’t have to derail your dreams of homeownership.
So, what are some of the concerns keeping people from buying in today’s market? A recent article from realtor.com addressed some of the most common “what if” questions buyers have when going through the homebuying process, including:
- What if I buy now and home prices drop? Many people feel that home prices in today’s market are high. As such, one of the biggest fears many potential buyers have is that they’ll buy a home, only for prices to drop shortly after. But while there are fluctuations in the market, over the long term prices tend to go up, so as long as you don’t sell your home during a period of time when the price is below what you paid for it, you won’t lose on your investment.
- What if I buy now and mortgage rates fall? In addition to high home prices, mortgage rates are also currently high, which has many buyers fearful that they’ll get locked into a high mortgage rate, only for rates to fall after their home purchase. But the good news is if mortgage rates were to come down at some point in the future, lowering your rate by refinancing could be an option.
- What if I buy a home, but then lose my job or suffer a financial setback? Another fear buyers have is that they’ll buy a home, but then run into a situation where they can no longer afford their property, due to a job loss or medical issue. Ideally, you’ll have savings to carry you through any financial hard times, but even if you don’t, you can talk to your lender. If you’re honest and communicative with your lender about your financial hardship, they’ll likely be willing to work with you, because lenders typically would typically prefer to work with you, than go through the foreclosure process.