Thinking about jumping into the housing market but unsure if now’s the right time? You’re not alone. With home prices soaring and mortgage rates following suit, it’s a tough call. But before you resign yourself to the waiting game, consider a few things.
First off, let’s talk about the current landscape. Existing home sales have seen a slight dip, and a whopping 83 percent of folks surveyed think it’s not the best time to buy. But hold up, there’s a silver lining. We’re seeing some changes that might sway your decision.
Look at the time homes spend on the market. It’s gone up, giving you more breathing room to decide. Plus, there’s been a surge in new listings, hinting at a promising spring homebuying season.
Now, the big question: to buy or not to buy?
Sure, mortgage rates aren’t at their lowest, and home prices are reaching for the stars. But buying now means you start building equity right away. And dodging potential rate hikes down the road can save you some serious cash in the long haul.
So, how do you know if it’s the right time for you? Well, ask yourself a few questions:
- Do you have stellar credit? Lenders love low-risk borrowers, so check that credit score. The better it is, the sweeter the mortgage deal you’ll snag.
- Have you socked away enough for a down payment? Having some serious cash upfront means borrowing less and paying less interest in the long run.
- Are you in it for the long haul? Buying a home comes with upfront costs, so make sure you’re ready to settle in or have a plan if you need to move.
So, there you have it. The decision to buy now or wait isn’t an easy one. If you want to talk options, please reach out to a Highlands Loan Officer today.