There is no denying that the housing market is challenging for buyers right now!
But despite some of the challenges, there are still plenty of reasons why buying a home now actually makes sense.
So what, exactly, are those reasons?
Home prices are still likely to increase.
While there’s no way to guarantee future price movement, according to the article, there’s a high probability that home prices will continue to increase, which means that waiting to buy could end up causing you to pay more for a home than you would if you bought that same property today.
Refinancing is an option WHEN rates go down.
Many buyers are hesitant to buy because mortgage rates are so high. But one thing to keep in mind is that just because you have a certain rate on your mortgage doesn’t necessarily mean you’re locked into that rate forever. If rates drop, there may be an opportunity to refinance your loan to a lower rate in the future.
There is less competition in the market.
Because conditions are challenging, fewer people are looking for and buying homes, which means if you’re ready to buy, you’ll likely have less competition, which can help you get a better deal on your home. (For example, fewer buyers means a lower likelihood of a bidding war, which can significantly drive up a home’s price.)
Thinking about buying, but not sure if it makes sense for you today? Let's connect. We can discuss your specific situation and the pros and cons and then you can decide!