How to decide if you should try to time the market for a cheaper price.

If you're considering buying a home, you might be wondering if it's the right time. However, instead of focusing solely on market trends, it's important to also consider your personal circumstances. This includes your financial situation, readiness to buy, family dynamics, and future life plans.

While mortgage rates have been historically low for several years, hovering between 3% and 4%, they have recently risen to around 6% to 7%. Higher rates can affect your buying power, so it's crucial to shop around and ensure that you can afford the rate before making a purchase.

“Competition among buyers is not as fierce as it used to be.”

Although there is no indication that interest rates will significantly decrease anytime soon, it's important to remember that you marry the home purchase and date the mortgage. This means that if interest rates decrease in the future, you can always refinance your home.

Currently, the supply of homes is relatively low, with about 2.9 months of inventory. However, competition among buyers is not as fierce as it was last year, and prices are beginning to flatten out. National real estate appreciation is projected to be around 4% every year, so it's unlikely that prices will significantly drop.

As a buyer, it's important to work closely with your real estate agent to understand the values in your area and make competitive offers without overpaying. As always, don’t hesitate to call or email us with any questions. We look forward to hearing from you!