When to Buy a Home
Right now is a great moment for buyers in the housing market! The market is beginning to shift a bit. Some parts of the country have seen double digit price increases over the past couple of years and a correction is in the works, which affects the nationwide market.
The past year or so it’s been considered a “seller’s market” as there were not enough homes on the market to meet demand. Those numbers are changing as the number of buyers reaches parity with the number of homes for sale. Buyers don’t need to rush to put in their offers. Buyers will also find that sellers are willing to give more concessions such as money for repairs, or paying more of the closing costs, or even conceding in price more than one would expect.
Plus we are still at historically low mortgage rates. But the Fed is making noises about possible rate hikes. Even if home prices drop further in the future if this drop is combined with interest rate hikes you could end up paying more for your house over the term of your mortgage because of the higher interest rates.
Buyers, your time is now! Prices really are coming down, interest rates are still very low and sellers are motivated. I’d love to help you in your search. Let’s get out there and find your dream home!! Oh, and don’t forget to get pre-qualified for your loan.