I am currently 38 years old, as of this past weekend. Having been married for 15 years now, I have been around a lot of couples, both with and without children. Obviously, I also see a lot of married couples when I am trying to help them to buy or sell Austin real estate.
As such, I realized something the other day. Those who are looking to buy a home often make the same statement as those who are considering having a child:
"I'm not sure if we're ready to..."
- I'm not sure if we're ready to buy a home just yet. The media keeps talking about how bad the economy is.
- I'm not sure if we're ready to have a baby. My friends and family tell me it will change my life.
In my opinion (which is pretty much all that my entire blog consists of, now that I think about it), the same response is appropriate in both cases, assuming that bad credit is not the issue at hand. When someone says that they are not ready financially to have a baby, I have always heard the response, "You will probably never feel ready, so you might as well do it." Please understand that this is not a flippant remark. Truthfully, looking back on it now, I don't think I was in a great financial position to have either of our first two children, especially my son, who is now nine years old. However, I wouldn't trade them for anything in the world.
When considering a home purchase, it feels much the same way. Maybe money will seem a little tight initially. You will be dealing with unknowns, and new issues that you haven't had to address before. Apartment living is nice when you are young, but eventually it's time to grow up and get your own place.
Is it a good time to buy a home in Austin, Texas?
The quick answer is, "It depends." Do you have some money saved up for a down payment? Is your credit in decent shape? What kind of home are you looking for? I just helped a client this week to purchase a foreclosure which appraised at $70,000 above the price that they paid. Not too shabby, huh?
If you are looking for a "deal", they do exist, but they are not as prevalent as you might think. However, I can virtually guarantee that from a long-term perspective, a home purchase will provide a very solid return, along with the accompanying tax writeoffs and your enjoyment of the property itself.
When I bought my home six years ago, I experienced a few days of buyer's remorse while my home was under construction, thinking that I had overstepped my abilities at the time to afford this home. Now that we have been here awhile, I am VERY happy that I bought when I did, as interest rates were low, and my monthly payment now seems low in comparison with friends of mine who waited to buy.
Don't lose an opportunity to get into the market with your own home purchase. Local Austin economists are predicting a big swing for real estate between now and next spring. If you delay too long, the interest rates could creep higher and prices certainly will, too. The bottom line is that you can likely afford to get a nicer home by acting soon. By the time your "baby" is a few years old, you will be happy that you took a step of faith and bought a home when the economy was being presented as uncertain and unstable by the media. I have seen this type of economic cycle a couple of times in my real estate career, and I would love the opportunity to help you find the right home.
If you are considering a move to the Austin area, I would love the opportunity to assist you with this. If you are renting, and you want to find out what you can afford, give me a call to get started.
You might also be interested in my online relocation package here:
Austin Texas Relocation Package
My cell phone number is 512-796-7653 and our Austin Texas real estate website is at www.austintexashomes.com. Thanks! Jason Crouch
If you enjoyed this post, why not connect with me elsewhere or subscribe via email?
If you're looking for a home in the Austin area, you can also visit my primary Austin real estate website at www.austintexashomes.com. If you're interested in social media training, visit 210 Consulting. Thanks!
Hi Jason. You sure do love changing your photo often. What made you change it this time?
You are right about never being ready. You just got to jump right in and God will take care of the rest.
ANGELIA - I just liked the picture, which I used in a post about taking my wife to a Japanese restaurant. So many people mentioned that I should use this photo, that I went ahead and changed it again. I agree wholeheartedly with your comment.
HI Jason, very well said,I have told a few folks its like the: old Chinese proverb.. when is the best time to plant a tree? Answer, 20 years ago! When is the next best time? NOW. One could say the same for real estate.. while we all know of economic ups and downs but over the long haul.. real estate is our best asset.
You going for another gold star I see :)
GAIL - I like that saying! I agree completely.
JER - We'll see. I have been wanting to write this one for awhile.
You always have an eloquent way of getting the message out. You can also add pets to the list. Many times people start with a pet, which expands their comfort zone.
Hi Jason. Good points. I usually just sit quiet when they question their "readiness". Perhaps I will use some of your points next time.
Thanks,
Ken
Good point Jason. I actually make that comment about babies too. You never feel ready financially for a baby. You just do it and make it work. Cut back where you need to and/or work harder to make some additional money. Either way, most people are not ready for that step. Personally, I have never had to talk someone into buying a house. That would be your job. I just make sure that they really can afford it before moving forward. If the finances aren't there, I can't make it work my friend. Thanks for the post.
Jason - I can't agree more. Many people just need that nudge.. There will always be a fleeting nervous feeling but so often it fits when it happens. Great message.
Good Stuff Jason. I never considered the 2 subjects together.
KATHARINE - Thanks for your kind compliment. I appreciate that. I agree with you about the pets.
Jason, years and years and years ago a friend's mother (the mother of 6) told us that if you waited until you were ready, emotionally or financially, to have children, the human race would have died out long ago. Sometimes, you just have to jump in order to reap the benefits and joys.
Now, almost 4 decades later (the children born shortly after that advise was given time are now in their mid-30's), I understand her wisdom a bit better.
from a long-term perspective, a home purchase will provide a very solid return
That's historically true. It would be great if home buyers, and our country in general, would return to decisions based on a long-term perspective. The "quick buck" mentality about real estate has hurt a lot of people in recent years.
Hypothetically speaking, When is "a good time" to have a baby? Having a child or children makes people more responsible IMHO.
It is so important to realize that where you are in your life and what you want is sometimes more important than the market.
All the best!
Jason,
This post reminds me very much of "The Station." Have you ever read this short parable?
Here it is in full:
The Station
by Robert J. Hastings
Tucked away in our subconscious minds is an idyllic vision. We see ourselves on a long, long trip that almost spans the continent. We're traveling by passenger train, and out the windows we drink in the passing scene of cars on nearby highways, of children waving at a crossing, of cattle grazing on a distant hillside, of smoke pouring from a power plant, of row upon row of corn and wheat, of flatlands and valleys, of mountains and rolling hills, of biting winter and blazing summer and cavorting spring and docile fall.
But uppermost in our minds is the final destination. On a certain day at a certain hour we will pull into the station. There will be bands playing, and flags waving. And once we get there so many wonderful dreams will come true. So many wishes will be fulfilled and so many pieces of our lives finally will be neatly fitted together like a completed jigsaw puzzle. How restlessly we pace the aisles, damning the minutes for loitering ... waiting, waiting, waiting, for the station.
However, sooner or later we must realize there is no one station, no one place to arrive at once and for all. The true joy of life is the trip. The station is only a dream. It constantly outdistances us.
"When we reach the station, that will be it !" we cry. Translated it means, "When I'm 18, that will be it ! When I buy a new 450 SL Mercedes Benz, that will be it ! When I put the last kid through college, that will be it ! When I have paid off the mortgage, that will be it ! When I win a promotion, that will be it ! When I reach the age of retirement, that will be it ! I shall live happily ever after !"
Unfortunately, once we get it, then it disappears. The station somehow hides itself at the end of an endless track.
"Relish the moment" is a good motto, especially when coupled with Psalm 118:24: "This is the day which the Lord hath made; we will rejoice and be glad in it." It isn't the burdens of today that drive men mad. Rather, it is regret over yesterday or fear of tomorrow. Regret and fear are twin thieves who would rob us of today.
So, stop pacing the aisles and counting the miles. Instead, climb more mountains, eat more ice cream, go barefoot oftener, swim more rivers, watch more sunsets, laugh more and cry less. Life must be lived as we go along. The station will come soon enough.
Jason, I'm sorry for taking up so much space on your post, but I thought you and your readers would enjoy seeing this.
Same conversation I had with my wife on both first home and first child, but I'm glad I did both!
JASON - Austin is one of the markets that buyers should be active in right now. Even the media has said that it is a market on the rise, and most of their reporting is about how bad things are.
Jason,
I have often thought and said this regarding having kids. I had never thought about it in quite the same way regarding buying a home. I like the analogy.
I have to agree. You will never know how ready you are until after you actually jump in and see how it actually works out.