Posted by Ri Prasad on Monday, November 21, 2022 at 12:16 PM By Ri Prasad / November 21, 2022 Comment
If you’re sitting there waiting out the housing market in hopes of a major drop on interest rates or housing prices then you’re in for a ride awakening. While home prices are leveling out - they’re not dropping significantly. Sitting on the bench until 2023 is not going to save you any more than buying a home now likely will. Some reasons you should ‘wait it out’ include:
Money is still cheap! We have to get our mindset out of being stuck on the low 2.99% interest rates because that was a rarity. Interest rates in the 5’s are still low. Does it suck you could have gotten a 3% interest rate last year? Sure - but comparison is the their of home buying joy! Years and years ago homebuyers were thrilled with 18% interest rates because that felt ‘low’. Don’t let the comparison of old number keep you from buying a home. If a home is a necessity to you and you have the means to purchase - it’s always worth the investment.
Inventory is still low! This means the early you get started looking at homes, the better of an idea you’ll have on what you like or don’t like when the perfect home comes along. By putting yourself on the bench - you just might miss out on a home that fits all your wants and needs!
At the end of the day, it’s all about your needs! Do you NEED a home? Can you afford to purchase a home? Then it is now a necessity for your living situation and worth the investment. I like to give buyers the perspective of you can buy now and start putting your money into a home or you can wait 3-5 years and still be paying for your landlords investment. There’s always an opportunity down the road to refinance if interest rates drop. It’s all about your needs!!
Trying to time the market or predict what might happen next year is not the best homebuying strategy. Instead, it’s better to buy based on your budget and needs. If you find a home you love in an area you love and it also fits your budget, then chances are it might be right for you. However, if you make too many sacrifices just to get a house, you may end up with buyer’s remorse and a home you don’t love. This is a PERSONAL decision that you have to make for yourself as a buyer! If you are in the market for home buying and thinking about it in the near future, let’s get you started on the process or a plan. Call me.
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