Many of us are currently wondering about the housing market and if we are in a “bubble.” And then, if we are in a “bubble”, when is it going to pop? Understandably, this is of great concern to folks who are looking to buy properties right now. If we do experience a housing market crash, it could have huge consequences on some new home buyers. So, anyone considering purchasing a home is wise to give some thought to this.
The truth of the matter is that no one knows if and/or when we are going to experience any sort of housing market crash. Articles and posts online from a variety of people and businesses show that there are many differing opinions about today’s housing market. The thoughts and sentiments can even shift from week to week. So, what do we do when we are unsure of the overall market?
The same thing you would do any other time is the answer. Make wise choices for yourself and your family. No matter what the market does or doesn’t do, you and your family need to be considered primarily. Each buyer and/or seller should make wise decisions based on their own unique circumstances. This has always been true and will continue to be true.
Sometimes we can be tempted to take risks like buying that dream home even though it may put us in a huge financial bind. Overextending yourself financially to buy a home puts you at great financial risk and is questionable no matter what the current market is. It is always wise to know your own budget and what you can comfortably afford when shopping for anything, especially a home.
If you are in doubt about your own financial situation and what is wise for you, consult a financial adviser. A financial adviser can take your unique circumstances and help you to figure out what YOUR best options are.
Until next time.