Why buyers shouldn't wait to purchase a home in our normalizing market.
Should you buy a home now or wait? If you’re considering purchasing a home, you might have questions about what’s the best move in this market. Today I’ll cover a few things you should keep in mind.
We’ve seen interest rates double in the last 12 months, which has made buyers nervous. However, this is what should happen. We have a lot of inflation right now, and raising rates helps our government slow that inflation down.
Interest rates are hovering around 5.5% and 6% right now, which is below the average rate over the last 40 years. They’re not that bad; it just feels that way since we’ve had such low rates for so long. They couldn’t stay that low forever.
"There has never been a better time to buy a home."
Rates are normalizing, and we’re also seeing our housing market normalize. Homes are staying on the market a bit longer, so instead of selling over the weekend, they might take seven to 21 days to sell. As a buyer, you’ll have more time to think about which home you truly want.
There has never been a better time to buy a home because interest rates are temporary, but we’re still seeing around 4% appreciation year over year. We expect interest rates to hold where they are and for the market to calm down even more over the next 90 days.
If you have any questions, feel free to call or email me or my team. We’d love to hear from you.
