Is This A Good Time To Buy A House?

Buy a house
Buying a house now should be more about your financial circumstances as opposed to the market.

The housing market is a hot topic these days. Rising interest rates and a competitive landscape can leave potential home buyers wondering if they should wait it out? Financial guru Dave Ramsey offers what may seem like a surprising perspective. Essentially, economic conditions might be working in favor to buy a house now for responsible buyers.

Dave Ramsey, the personal finance guru known for his tough-love approach, offers a surprising perspective in today’s climate. While he may not be jumping for joy over every market condition, he believes that the right financial preparation can make home buying a good decision – even now.

Buy a house: Not about the market, but about you

Ramsey’s core message is that the decision to buy a house shouldn’t be driven by the market’s whims. Instead, it should be based on your own financial footing. If you’re in a solid position – debt-free (except the mortgage), have a fully funded emergency fund, and a sizable down payment (ideally 20% or more) – then today’s conditions might present a unique opportunity.

The market may favor you to buy a house now

Here’s how the current economic climate could work in your favor:

  • Potentially Lower Prices: With rising interest rates, some sellers might be more willing to negotiate on price, especially if they’ve been sitting on the market for a while.
  • Fewer Bidding Wars: With a more cautious market, bidding wars might become less frequent. This could mean a smoother home buying experience without overpaying.
  • Focus on Long-Term Value: With the initial excitement of a hot market potentially dampened, you might be more focused on finding a home that truly fits your needs for the long run.

Home buying principles still apply

Even in a potentially favorable market, Ramsey remains firm on his core principles:

  • Be Debt-Free (Except the Mortgage): This frees up cash flow and reduces risk.
  • Have a Fully-Funded Emergency Fund: Unexpected expenses won’t derail your homeownership journey.
  • Put Down 20% or More: This minimizes private mortgage insurance (PMI) and reduces your overall loan amount.
  • Choose a 15-Year Fixed-Rate Mortgage: This builds equity faster and saves you money on interest in the long run.
  • Keep Housing Costs Affordable: Aim for a mortgage payment that’s no more than 25% of your take-home pay.


In closing, the decision of whether to buy a house now or not is all about you, not the market. In other words, prospective home buyers should focus on being financially prepared as opposed to waiting for the perfect market conditions. If you’ve done your homework and are in a strong financial position, today’s economic climate could be an opportunity to secure your dream home. Remember, Ramsey’s core principles are designed for long-term financial security, so make sure your home buying decision aligns with your overall financial goals.

As always, It is best to consult with your financial advisor and real estate agent when considering a home purchase. Are you thinking about buying or selling a home in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download the free Florida Home Search app for your smartphone or tablet.

By natasha moore

REALTOR® with Live South Florida Realty, Inc.