The housing industry is notoriously fickle. Seller’s markets, buyer’s markets, inventory ebbs and flows — it’s hard to keep up with it all. That’s why if you’re a serious prospective buyer, there are three questions you need to ask yourself to ensure you make the most informed decision possible.
1. What’s the status of current home prices?
Arguably the most important factor when it comes to buying a house is price. In 2021, home prices have been on the rise — and experts predict this trend will continue through the end of the year. This means waiting to buy could cost you significantly, so it’s wise to get the ball rolling sooner rather than later.
2. Will these historically low interest rates last?
Simply put, the answer is no. Economists across the board agree that interest rates will rise steadily each quarter through Q2 2022. Even the slightest increase in mortgage rates has the potential to greatly affect your monthly mortgage payment, so again, waiting to buy could cost you.
3. Why do you want to own a home or move to a new one?
This personal question is paramount when it comes to making a sound investment. According to the 2021 National Homeownership Market Survey, six out of the nine reasons American’s value homeownership are related to aspirations and emotions — including stability, safety, and personal pride. If you truly believe that securing your first home or moving to a new one will satisfy both your financial and aspirational goals, then you’re on the right track as a prospective buyer.
Allow my 20+ years of experience help you navigate the complexities of the current seller’s market. To get started, contact me today