Is now really a good time to buy? Key advantages of buying a home today
Buying a home today is different than it was over the past couple of years. The shift in the market has led to advantages for buyers. There are specific reasons that make this housing market attractive for those who’ve thought about buying but have sidelined their search due to rising mortgage rates.
Here are three reasons potential homebuyers should consider buying a home today.
- More Homes Are for Sale Right Now
According to data from the National Association of Realtors (NAR), this year, the supply of homes for sale has grown significantly compared to where we started the year.
This growth has happened for two reasons: homeowners listing their homes and homes staying on the market longer as buyer demand has moderated in response to higher mortgage rates.
The good news? More inventory means more homes to choose from. And when there are more homes on the market, you could also see less competition from other buyers.
- Home Prices Are Not Projected To Crash
Experts don’t believe home prices will crash like they did in 2008. Instead, home prices will moderate at various levels depending on the local market and the factors, like supply and demand in that area.
If you consider the big picture and average the expert forecasts for 2023 together, the expectation is for relatively flat or neutral price appreciation next year. So, if afraid home prices will crash like they did in 2008, rest assured that’s not what expert projections tell us.
- Mortgage Rates Have Risen, but They Will Come Down
While mortgage rates have risen dramatically this year, the rapid increases we’ve seen have moderated in recent weeks as early signs hint that inflation may be easing slightly. If inflation does truly begin to cool, mortgage rates may come down as a result.
When that happens, expect more buyers to jump back into the market. For you, that means you’ll once again face more competition. Buying your house now before more buyers reenter the market could help you get one step ahead. When mortgage rates come down, those waiting on the sidelines will jump back in. Your advantage is getting in before they do.
If you’re thinking about buying a home, you should seriously consider the advantages today’s market offers. Let’s connect so you can make the dream of homeownership a reality.
Let’s connect so I can help you strategize to achieve your dream of homeownership this season.
Questions about buying or selling a home in Beaverton? Contact Donna Meeuwsen at 503.583.3200 or email firstname.lastname@example.org