Right Time To Buy?

Every single day people are trying to decide if it is the right time to buy a new home. Its a constant struggle that I intimately understand. Being in the market to buy myself I am keep a close eye! It's crucial to remember that the decision to buy a home should be a deeply personal one, driven by individual financial circumstances rather than external pressures.

While real estate professionals and societal norms may often advocate for seizing opportunities in a hot market, it's important to take a step back and evaluate how these changes impact your own financial outlook. Your financial stability, future plans, and overall comfort level with potential mortgage payments should be at the forefront of your decision-making process.

A rough calculation with a free mortgage calculator shows the mortgage of a $425,000 house - with 3% down ($12,750), and a 6% interest rate to be about $2,800 - but a few years ago a lower interest rate of 3% puts that payment at closer to $2,000. A difference of $800 per month and nearly $10,000 per year! Also meaning, you will likely need to search for houses in the $365,000 range to get your payment close to $2,000. Ouch!

What does this all boil down to? Figure out your finances before you start the shopping process. You may need to update your expectations, and home prices to fit the market of today rather than be let down by what you thought you could afford. Try not to let the ‘industry experts’ try to sway your decisions. You will love your home or rental more if you are not constantly stressed about covering your monthly costs.

And last but absolutely not least - just because you get an approval for an amount - does not mean you have to purchase that high!

Local Spotlight

One of the best parts of living in a thriving city like Charlotte is there can be an endless supply of new experiences. Although it opened in mid-2021, I had my first experience of dining at Supperland this past weekend. An early afternoon brunch adventure that will not be forgotten anytime soon.

Supperland is an award-winning restaurant and cocktail bar in the Plaza Midwood neighborhood of Charlotte. The restaurant itself is made up of two historic former church buildings. I am only 3 years late to the party, but better late than never! Our experience started at the bar side where we had a fantastic craft cocktail and learned some great insights for future visits - including the availability of the dinner menu on that side as well as a speakeasy experience. Stay tuned for a future spotlight feature when we make it back to the speakeasy - based on our first experience the expectations are high!

My favorite item from the brunch menu easily goes to the prime filet, but you really can not go wrong with anything from the cinnamon rolls, to the deviled eggs, and biscuits with sausage gravy. Be sure to make a reservation because it is not simply a show up and eat establishment!

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