Is now the time to buy a home? In this market? With these interest rates? At the current rate of inflation? I know it all sounds crazy, we’re living in a new time where we are experiencing loads of transitions.
So, here’s my thoughts on it. First, before I say anything; I do advise you to seek counsel from your professional realtor and lender for guidance, but here’s my opinion.
So, should you buy a home now?
The answer is, it all depends. The truth is that buyers spend all year playing the waiting game, religiously chasing the market season after season. Waiting on prices to go down in the beginning of the year then hoping the interest rates will stabilize by August. It’s really a rat race.
Our new reality is this; our new interest rates are up, 6-8%, (at the time of this writing) we’re still in a sellers market and I don't foresee those rates going down any time soon. So again, my advice is to buy a home if you are financially able to.
I know this sounds scary but, there’s still good news. Values are still on the rise, (in GA) therefore, if you purchase strategically, you can acquire a great appreciating home that you can later sell for a profit or leave to your heirs. Also, there’s less competition in today's market for the average sales price. Affordability is decreasing which is horrible for the majority, but for the financially able, this could be your opportunity to get your dream home or bid on a great investment.
With that being said, I would approach the buying process the way I typically would– with absolute strategy. Just because there may be less competition doesn’t mean you can’t get beat out of a deal. Right now the average days-on-market in my area is 13 days, so be aware.
In a nutshell, the right time to purchase a home is simply when you can. It’s all about your personal situation and your needs. Do you have the income, good standing FICO, cash reserves, time, resources?
If you are not sure about some of those things, it may be time to speak to an expert and get professional consultation. If you are interested in having that conversation to look at your bigger picture and see if now is your time. My preferred lenders and I will get you ready to face this market. Just click the link to get started.
I am looking forward to earning your business.
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