The common message right now is that it’s a bad time to buy a home, but is that true? Let’s explore this question:
First, a recent survey confirms that popular sentiment. In October, the number of buyers who thought it was a good time to purchase decreased by 5%. Meanwhile, the number of sellers who think it’s a good time to sell rose by 8%. The increase in home prices in every area and price range and decline in inventory has deterred buyers while encouraging sellers. There are too few houses on the market, making it difficult in many areas for buyers to find the right property, and this has driven prices up.
However, this is not the whole picture. Our record-low mortgage rates can save buyers tens of thousands of dollars throughout a loan. That makes homes more affordable than they may first appear. Also, our local real estate market’s inventory levels have remained resilient.
Despite the bleak outlook you might see on the evening news, based on my experience, our local market is in a good time and place to buy. Average prices are increasing, but that doesn’t mean the house you want to buy has become any less affordable. Though these favorable conditions could change if our current low interest rates start to rise again. Don’t ignore the beneficial moment our market is having, and take a look at the beautiful properties available right now.
“Record-low mortgage rates can save buyers tens of thousands of dollars throughout a loan.”
If you want to see the many lovely homes I’m talking about, visit our website. If you have any questions about buying a house or real estate in general, call or email us. We look forward to speaking with you soon.
