Why buying in this market could be your right time to get in

Buying a house sometimes is right for your life stage despite what the market is doing, but if you have control over timing, you may be wondering if it’s a wise decision to buy in this current market after prices and interest rates have risen. Many buyers are in the mindset to “wait and see” what happens with the economy, but are you missing out?

As housing prices and interest rates have risen in the recent years, you might be wondering if buying a house in this market is worth it. Of course, it really depends on your individual circumstance, but let’s talk about some factors.

The market we are in now has become more of a neutral market, where it’s neither a strong sellers or buyers market. Compared to the pandamic craziness, where people were offering on homes that they barely even saw, now there is much more power to the buyer to find out if it’s the right house for them and possibly even ask for a price reduction or sellers credit.  Some buyers are in the mindset to “wait and see” what happens with the economy. While it’s wise to not jump into something you’re not ready for, the experts are projecting that housing prices stay solid and interest rates aren’t going to fluctuate extremely in the near future, and assuming they slowly go down in the next couple of years you can refinance when the time is right.

The biggest benefits to buying now instead of waiting is that you can start to build equity in the home now and putting your money in real estate is the best protection against inflation.  Of course there are benefits to waiting if your credit score needs some attention or if you’re expecting a large increase in cash flow, then it might be in your best interest to wait.  Bottom line is, real estate is still one of the best investments you can make and it’s a great time to start looking and not feel rushed into putting in an offer before you’re ready.

If you’re still on the fence, I’d suggest setting up 2 meetings – one with a lender to talk about getting preapproved and seeing what the real numbers would look like for monthly payments at different price ranges. Next, set up a meeting with me to discuss your situation and how we can work together to see if it’s the right time for you to start home searching.