Consider these factors when deciding the timing of your home purchase.
Home prices and interest rates don’t matter. If you want to buy a home, my advice to you is to stop trying to time the market.
To prove my point, let me share these two different scenarios. If you wait and the market becomes less affordable over time, that would be a missed opportunity for you. On the flip side, if the market becomes more affordable, all the other buyers waiting on the sidelines like you, will jump into the market, and demand will skyrocket. You’ll have a lot of competition, and then homes may sell for more than what they’re even worth, which is what we experienced in the 2021 and early 2022 markets.
Therefore, my best advice for current buyers is to focus on your motivation. Do you have a compelling reason to buy? Will it improve your quality of life? Also, does the math work out? You should be exploring all of your options. I understand that a 30-year fixed is a very safe and conservative approach, but keep an open mind.
If those things line up, now may be the best time for you to buy while the market is still in your favor. If you need help with your buying or selling plans, call or email my team and me. We’re always happy to help!