This is a common question that buyers ask, especially first-time home buyers. The truth is there’s no one-size-fits-all answer to this question. The answer to this question is dependent on your financial situation and long-term real estate goals. Since the Covid-19 pandemic we have seen single-family home prices increase by approximately 35%, while condo/townhome prices increased by roughly 30% and they have remained relatively steady. Now take into consideration the mortgage rates which have also remained relatively high, and home affordability becomes a challenge for some.
However, if you can comfortably afford a mortgage at today’s rates, now could be the ideal time to buy, especially with less competition on the market. If/when interest rates start to drop, we will see more buyers enter the market, thus increasing the competition and higher demand. In turn, higher demand often will lead to a rise in home prices, meaning that waiting or trying to time the market could cost you more in the long run.
If you’re ready to take that leap towards home ownership and explore your home-buying options – let’s connect! Your first step is to connect with a knowledgeable loan officer who will help you understand your financial picture and explore mortgage options that will fit your needs. The next step will be hiring an experienced realtor who understands your needs, knows the local market, and can guide you towards making an informed decision.
