Thinking About Buying a Home? Start With These 5 Questions
If you’re wondering whether the next 12 months could be your time to buy, you’re not alone. Most buyers are weighing a lot right now - finances, mortgage rates, home prices, and the broader economy - while also trying to make the right long-term decision for their life.
It can feel overwhelming. But here’s what we always remind our clients: while market conditions matter, your personal situation matters just as much - if not more.
As NerdWallet puts it:
“Housing market trends give important context. But whether this is a good time to buy a house also depends on your financial situation, life goals, and readiness to become a homeowner.”
Rather than trying to time the market, focus on what you can control. These five questions can help you decide if you’re truly ready to take the next step.
1. Do you have a steady, reliable income?
Buying a home is a long-term commitment, and lenders want to see consistency. More importantly, you should feel confident in your income and job stability so your home purchase feels exciting - not stressful.
2. Do you know what you’re comfortable spending?
Affordability isn’t just about what you’re approved for - it’s about what fits your lifestyle. Your budget, monthly expenses, existing debt, and future goals all play a role.
This is where a trusted lender becomes invaluable. A pre-approval can clarify your price range, estimated monthly payment, closing costs, and other expenses - so there are no surprises.
3. Do you have an emergency cushion?
Homeownership comes with responsibility, and having savings set aside is key. You’ll want room in your budget for the unexpected - whether that’s a repair, medical expense, or temporary income change.
As CNET notes:
“You’ll want to have a financial cushion that can cover several months of living expenses, including mortgage payments, in case of unforeseen circumstances.”
4. How long do you plan to stay?
Buying a home involves upfront costs, and equity builds over time. If you’re planning to stay put for several years, buying often makes sense. If you anticipate a move in the near future, it’s worth thinking carefully.
According to NAR Chief Economist Lawrence Yun:
“Five years is a good, comfortable mark. If the price of your home appreciates considerably, then even three years would be fine.”
Your career plans, family needs, and lifestyle goals all matter here.
5. Do you have the right professionals guiding you?
The right team makes all the difference. A knowledgeable local agent and a trusted lender can help you understand your options, avoid costly mistakes, and decide whether now is the right time - or if waiting makes more sense.
What This Means for You
Buying a home isn’t about chasing the perfect market - it’s about understanding your finances, your goals, and your timeline. If you’re starting to think about homeownership, a thoughtful conversation can bring clarity and confidence. When you’re ready, the Price Group is here to help you evaluate your options and make a decision that truly works for you - now and for the long term.