When to Buy a Home
When to buy a home is up to you. However, it can sometimes not feel like that is so.
We have all been feeling a different fiscal pressure than we had a year ago. The average 30-year mortgage rate for that buying has nearly doubled in the past year because interest rates were once 4% and are now around 8%, with the risk of further increase. This uprooted homebuyer price ranges, and now buying a home looks different.
The home prices are typically set by a market valuation based on homes in close proximity and recent sales. This informs the sellers. When buying a home that fits your expectations of size and space, consider going to neighborhoods that are more unconventional to find affordable or favorable pricing. You can still expand your home with your expanding family; the process may look slightly different because now you are assessing the homes to buy around budget-friendly areas.
If you are looking to buy a home in a specific area, we recommend tapping into the real estate networks available to you through your real estate agent. When homes are heavily demanded, sellers often have to select which home buyer they want to accept an offer from. With a network understanding of your buying goals, you can buy anytime and be prepared to do so when the right home is available. The real estate professionals are informed first, allowing you to quickly take action to buy the home you want, even in a challenging market.
Ultimately, when you buy is up-to you, and there are resources you can use in the future to reduce your interest rates if that is what is preventing you. By buying now, you can always refinance later for that lower rate. In the meantime, you can consult a real estate professional and discuss your needs, ideal timeline, and budget to get started.