Apparently, my daughter was suffering from FOMO-H, or the fear of missing out on a house. There are probably a lot of renters like her who are starting to feel like maybe they should jump into the homebuying process. And just as many who are already actively searching but have missed out on a house they wanted due to bad timing or a lack of resources, preparedness, inventory or luck.
If you fit in either of these categories, let this mother familiar with the industry tell you what I told her:
First, it’s easy to compare yourself to others – but don’t. Comparison is the thief of joy. Buying a house is based on very individual factors, such as your income, job security, savings, relationship status, desire to relocate, level of responsibility, family support, etc. The best time to buy a house is when it’s the right time for you. Period.
Second, decide if buying a home now is a realistic option for you given your circumstances, the market and interest rates. For help in determining this, I suggest seeking advice from several trusted sources: family and friends who are homeowners (you know, the people you envy); experts in the field, such as loan officers, financial advisors and real estate agents; and different homebuying websites (like the one you’re on now!) with resources such as our Buy Now vs. Wait calculator.
In doing this, you may discover that you’re more ready than you thought. But if it’s determined this isn’t the optimal time for you to buy a house, don’t be discouraged. It’s still the ideal time for you to get ready for homeownership.