With all the changes in the country, pandemic and economy, many are wondering whether it’s still a good time to buy a home. While the most important thing to keep in mind is your individual need, some are determining whether they should invest or move from renting to buying. Here is a quick breakdown of the housing status to help you figure out what’s best for you.
Why it’s a good time to buy
Currently, mortgage rates are still lower than average. Locking in a low interest rate now can be beneficial for the future. In addition to this, in some places, housing inventory is starting to increase. This can be helpful for buyers who have been shut out previously due to low supply. Unrelated to the market, fall and winter are generally good seasons to buy, since there’s less competition. Buyer’s fatigue and the approaching holidays means many buyers are turning their attention elsewhere.
Why it’s better to wait
The top reason to wait is that it’s still a seller’s market. While inventory is opening up in many areas, there are still more people looking to buy than homes available. Related to this, home prices are still high. While no one can predict definitively what will happen, we should see prices begin to drop in 2022 as more inventory becomes available.
If you need help making your real estate decisions, give us a call at 307-635-0303 to schedule an appointment with one of our top realtors. We are here for you every step of the way. Search homes for sale in Cheyenne and Laramie County, Wyoming on our website.