“You should wait for the housing market to crash.”
“Interests rates are too high to buy a house in today’s market.”
“The VA Loan is the best because you don’t need a down payment.”
These are several real and valid quotes that I heard last year when considering home ownership. The current real estate market is an intimidating thing, but I refuse to allow something I have no control over completely limit that which I do. If anything, the real estate market helped me create aggressive goals and get into a good home-buying position. Thanks to me being fully bought in on the Ramsey principles (a guide for handling finances in a very “un-sexy” sort of way), I was able to buy a house! My financial adventure has had many ups and downs, so I am happy sharing wins and hopefully inspiring others to put in work and take control of their own finances.
Let me be clear: I am not a financial advisor or real estate expert. I don’t pretend to know all the big fancy words or complex terms used for investing and real estate. This is a personal account. Again, I have chosen to use Ramsey’s approach to finances (not always the most popular approach). Ramsey actually did a real estate livestream in 2023 that helped inspire my home-buying decision. That is why I bought a house even when the average interest rate was nearly 8%. It simply amounted to timing, and the timing was right for me.
After saving up a down payment for a couple of years, I finally reached that down payment goal following a bonus I received from my military service. It was time to get serious about house hunting so I used a Ramsey Trusted real estate agent in my area to help me. Guys, having a real estate agent is a huge help when navigating real estate for the first time. I recommend you get one! Together my agent and I found prospects until we eventually landed on the one I am living in today. Thanks, real estate agent!
Because of my intentionality with getting out of debt, building a fully-funded emergency fund, and saving up for a down payment, I was in a good spot to buy no matter the interest rate. Being in a good spot financially is really the key. Home valuations are tracking upward, so waiting another five years would put me even further behind the curve. I bought because the timing was right for me financially.
While the market continues to be shaky, having a true home base has been a blessing. That’s another thing: homes should be a blessing and not a curse! Getting approved for a giant loan doesn’t mean you can afford a giant loan. My home buying experience included making sure I had a reasonable down payment which helped with maintaining a reasonable monthly mortgage.
Practical how-to steps are really just me following the Ramsey principles. There was a real estate livestream you can rewatch. There is also a bunch of YouTube videos from Ramsey about it too.
Was buying a house in 2023 kind of scary? I wouldn’t say it was scary, but the housing market is kind of crazy for sure. That is why I believe being financially fit and in a good position to purchase a home is important. Honestly, the first-time real estate purchase is probably the hardest. I anticipate my gain in equity to help in the future. Cheers to home ownership!
Be strong. Love God. Love others.
The Wild Ride 