When is the right time to buy your new home?
Before I answer that question today, I want to be clear that every buyer’s situation is different. Just because it’s the right time for one buyer to buy a home doesn’t necessarily mean it’s the right time for you to do so. Always check with a lender to understand your overall financial situation and whether buying a home makes sense for you.
Now, there are two important trends I’m seeing in our market. The first involves interest rates. Every buyer wants to buy their new home and secure the absolute lowest possible interest rate because the savviest ones know that they affect their monthly payments. On the flip side, inventory is super low. It’s been low since last November and we won’t see it rise significantly until April or May.
This combination has led me to come across a lot of buyers telling me they want to buy a house now because rates are so great but they can’t find what they want. They want to know if they should wait until inventory rises to make their move.
Again, there is no right answer. It has to make sense to you in terms of what you can afford. In a best-case scenario, you’ll find the right home at the right price. The sooner you find it, the better. Rates may rise in the next couple months, but if you wait that long, you’ll also have more options as a buyer because of the rebound in inventory.
Your goal should be to find the right balance between a great interest rate and a great property. That will be your recipe for success.
If you have any questions about this topic or have a specific situation you’d like to talk to me about in person, don’t hesitate to reach out to me. As always, if you have any video ideas you’d like me to cover in the future, let me know. Until then, happy selling!