“Buy now, or wait” is a question prospective homeowners have been struggling to answer for some time now. Home prices have been skyrocketing since 2020, and the Federal Reserve’s work to tame inflation has sent mortgage rates soaring, too, leading many prospective buyers to wait in the wings. In fact, the Fannie Mae Home Purchase Sentiment Index released in January 2024 said an overwhelming 83 percent of consumers believe it’s the wrong time to buy a house.
Here are the top 6 reasons why NOW might be the perfect time to buy a home:
Demand will increase as interest rates (hopefully) continue to decline. More buyers will be out looking, leading to increased competition, similar to what we saw before the market shift in 2023. Increased demand can lead to bidding wars and extra stress for buyers.
Prices are not predicted to go down any time soon and will likely continue to rise in most parts of the United States.
If interest rates decrease after you purchase, you can always refinance, but you can’t change the home’s price.
Days on market figures are up, giving buyers more time to make informed decisions.
Due to fewer buyers, lenders are competing for less business, so you’ll likely get better financing offers right now.
Buying a home now allows you to start building equity immediately and avoid the potential for additional mortgage rate increases later. You can always refinance, but you can’t change the price of the loan.
There are always numerous things to consider when purchasing a home: what is your credit situation? Have you saved enough for a down payment? Are you planning to stay in the house for a while? What is the local market doing right now? Ultimately, the decision is up to you. Life goes on, whether the timing is perfect or not. If you’re anxious to become a homeowner and unsure if now is the right time to leap, I’m here to help you sort through all your options.
Jamie Richards is a full-time realtor specializing in Northern Virginia with a passion for helping people achieve their homeownership dreams. Jamie's deep roots in the community began in Reston, Virgi....
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