Whether you're a first time home buyer or an experienced investor, I hear folks say, "I'm going to wait another year."
If you have been considering purchasing a home, you may be curious to know if this is the right time in the market to make your move. The market is quickly changing, with new laws coming into play, interest rates on the rise, and a whole slew of things buyers have to face when it comes time to picking the right house. What does that mean for you? Well, there isn't a better time to buy than now. Let's break down the benefits of purchasing a home now, instead of waiting.
1. INTEREST RATES ARE SOARING
If you haven't been keeping up with the real estate market, you might be missing out on the data around interest rates. They are going up, and they are going up fast. 5% may not seem like a lot, but can be the difference between hundreds, or even thousands of dollars on what you are paying towards your loan on a monthly basis. Buying a home now, while interest rates are lower will be saving you money long term.
2. HOME PRICES ARE INCREASING
Have you been hearing about folks complaining about the price of homes going up? Well those prices are going to continue to rise. A home that is $200,000 now, could go up to $400,000 in 10 years due to market conditions. We also are aware that wages are not increasing as steadily as the cost of living is. Purchasing a home in today's market will allow you to gain equity on your purchase. In hot city markets like Denver, prices are virtually guaranteed to sky rocket, so making a move now can save you hundreds of thousands.
3. COMPETITION IS GETTING BIGGER
Population growth is a real thing. With more people, comes greater competition for homes. Houses are selling faster, which means as demand increases, home prices increase as well. Buying your home now, while the competition isn't as strong, helps you get a better deal on the home!
Today, the ball is in your court when it comes to buying your first home. There isn't ever a better time to purchase then now! Avoid the competition and the increase in fees and prices, and take advantage of a market that is still in the buyer's favor.