Many buyers are taking advantage of the current housing market, knowing that they can always refinance at a later time. In this month’s market update, I’ll break down the benefits of buying and why waiting for rates to drop may lead to a crowded market. 👆🏼
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🏠 Current Market Conditions
Last month, we began to see an uptick in home prices nationwide. The reason for this is simple, supply and demand. We expect interest rates to drop as inflation comes down. However, when that happens, there’s concern that the market that’s already extremely tight, is going to become more challenging for people to enter at an affordable price.
🤔 Should You Wait to Buy a Home?
A large percentage of current buyers are millennials. Many are waiting until interest rates drop, but they soon realize there are not many homes for sale. It may be tempting to wait for rates to drop, but there are a lot of good deals in the current market and once rates drops there will be an increase of competition in the market.
Often times monthly rent equates to the same amount of a mortgage payment. If you are paying monthly rent, it’s time to start figuring out a plan to turn it into a mortgage payment. I’d love to talk to you about formulating a plan to buy a house sooner than later.
👋🏼 Reach out with any questions!
If you have any questions or concerns about the current market, please don’t hesitate to give me a call. I’m here to help, and I feel very fortunate to have made some amazing connections in my 20+ years in the industry. I hope you and your family are doing well! God bless!
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