Should I Buy A Home Now or Wait Until 2023?
Should I Buy a Home Now or Wait Until 2023?
Not sure if it is a good time to buy a house. The real estate market is shifting … in a good way. The last couple of years have been intense. In all my 21 years in the business I’ve never seen 2% interest rates with 20-30 offers on a property. Now that the market is normalizing, even though interest rates are rising it doesn’t mean it’s a bad time to buy a home.
On a quarterly basis, the Home Price Expectation Survey is published. Over 100 housing market experts are surveyed. They give their opinion on where they see prices headed and the forecast for the year is just over 9% appreciation. Over the next four years, they expect prices to continue to go up, just at a slower pace.
Buying a house right now is cheaper than renting. The longer you wait, the more expensive homes will be. Interest rates are climbing, but there are lending programs that allow for adjustable rate mortgages which can lower you payment.
Once you purchase a home, you start to build equity and that appreciation will help you build wealth over time. The good news is more inventory is coming on the market and now may be the right time for you to begin the home search process! Get in touch with me today!