Is this the right time to buy a home?
It can be hard to keep up with all the changes in the real estate market these days — especially if you’re a first-time homebuyer or your life is too busy to spend your days reading about housing prices, interest rates, and how fast homes are selling.
Fortunately, we actually do think about the housing market 24/7 and are happy to share our insights with you! Here’s what’s happening — and how it can impact your relocation.
During that time, homebuyers were often caught in high stakes bidding wars that resulted in making crazy fast decisions and paying well over the asking price. Slower demand, higher interest rates, and more homes on the market have now reduced that competition and required sellers to “right size” their price.
Although interest rates are higher than they were for the last several years, they are still lower than the early 1980s when rates went as high as 16%. In reality, this can be a good time to buy since home prices are moderating, there’s less competition, and interest rates are reasonable.
Contact us today and we’ll answer all your questions. Our goal is to help you find the home loan that makes it possible for your homeownership dreams to come true.
Fortunately, we actually do think about the housing market 24/7 and are happy to share our insights with you! Here’s what’s happening — and how it can impact your relocation.
Lower listing prices
Home prices are beginning to come down after they skyrocketed in the early days of the pandemic when demand was high, and the number of available homes was somewhat limited. Historically low interest rates and people who could suddenly work from anywhere also contributed to the flurry of activity.During that time, homebuyers were often caught in high stakes bidding wars that resulted in making crazy fast decisions and paying well over the asking price. Slower demand, higher interest rates, and more homes on the market have now reduced that competition and required sellers to “right size” their price.
Interest rate changes
As a potential homebuyer, you may be feeling regret that you didn’t make a purchase when rates were super low. Perhaps you feel like you need to wait for rates to drop again — or you fear that they’ll rise even more. All of those feelings are both valid and common in today’s economic environment.Although interest rates are higher than they were for the last several years, they are still lower than the early 1980s when rates went as high as 16%. In reality, this can be a good time to buy since home prices are moderating, there’s less competition, and interest rates are reasonable.
Important considerations
In addition to learning about your options through educational resources like this article, you can also utilize smart financial tools. Ultimately, talking to an experienced loan officer is one of the best ways to determine if this is a good time to buy, determine how much home you can afford, and discover what type of mortgage is right for your needs.Contact us today and we’ll answer all your questions. Our goal is to help you find the home loan that makes it possible for your homeownership dreams to come true.