Want to Buy a Home but Unsure About the Market? 3 Reasons It’s Still a Good Time to Buy a Home.

You’ve been putting in the work. You have been carefully saving over the past few years, working on your credit, researching neighborhoods, and scouring Zillow to see what type of homes you like. You are tired of renting and excited to take the leap into homeownership. But you may be asking yourself, is now the right time to buy? The news regales us with articles about seller’s markets, and that might be planting the seeds of doubt in your mind. While it is true that we are currently in a seller’s market, that does not mean you have to defer your dreams. Below are some reasons it is still a good time to buy a home. 

Lower Mortgage Rates 

Research shows that mortgage rates are at historic lows right now,3 as little as 3%. Your mortgage rate determines the monthly amount you will be paying for your home for as long as the next 30 years. So while you might be scared off that asking prices are slightly up, there is a good chance you will still save money in the end due to lower interest rates. These rates will not stay this low forever. As we come out of the pandemic and our economy recovers, interest rates are likely to increase as well. By waiting to buy a home, you may miss out on these uniquely low rates. 

Prices Could Continue to Increase 

While it is hard to predict what demand will be like after the pandemic, there is reason to believe that home prices will continue to increase for the foreseeable future. The potential for continued growth could mean that if you buy a home now, the value of your investment could provide gains within a year. It could also mean that if you wait, prices may be even higher than they are now. It would be a shame to put buying a house on hold only to be met with even higher prices when you return to the market.  

The Housing Market Doesn’t Have To Be Your Only Timing Factor 

Americans often become obsessed with the housing market. We are acutely aware of demands, interest rate fluctuations, and price increases in certain areas. But the housing market is a complicated thing and can even be fickle. While you want to get a good deal, there are other motivating factors that lead us to consider homeownership. Often, the best time to buy a home is when you need to because of your personal circumstances. Perhaps you have a growing family and require more space. Maybe you want to create a more stable living situation before having kids. Perhaps the city you live in is on the rise, and you want to buy a home in your neighborhood before prices increase. There are so many factors, and the national housing market should be just one of those factors. It is also essential to make sure you make the decision that works best for your life timeline and the best decision specific to your area. 

I hope this list helps put some of your hesitations to the side. Connecting with a real estate agent is a great way to figure out what timing will be best for you. A professional agent can be a great person to bounce ideas off of, listen to your needs, and give you expert input about the market in your specific area. If you’re thinking of buying a home, reach out to me through my website or give me a call at (302) 545-8569, and follow my blog for more real estate-related tips.