Are you waiting for a market correction to buy your home?
Can you predict how the market will behave even 3 months down the lane?
Today the inventory is low but increasing, the prices can be negotiated. Tomorrow the asking price goes beyond your affordability. Can you be sure of the market?
Can you be sure that the mortgage prices will remain this or come down? They might just increase after correction.
None of us can predict the market from this situation. You can’t time the market. Every moment is a perfect time for homeownership.
If you are pushing your dream because of the current market, you might end up losing your dream of home ownership.
Let’s see the better side of buying a house right at this moment.
After all, buying a home is a long-term investment and the sooner it is done the better.
Rising Home Prices
Even with increased inventory, the prices of homes haven’t stopped increasing. Also to keep in mind, whatever price you pay for a home, that will only increase in the future. Which means more equity for you as a homeowner.
Active housing inventory going up is good news for potential home buyers. It’s a great time to grab the opportunity and get creative with purchase choices.
Whatever rent you are paying now is a one-way money flow, for which you aren’t getting any equity. Instead, your rents will only keep rising and you will end up paying up for someone else’s mortgage.
There are fewer buyers in the market owing to affordability, which only means you face less competition. You have wider room for negotiation and you might end up owning a house with more equity with a better negotiation.
Even when the Fed is increasing its rates, fixed mortgage rates are cut down. The lenders have already priced an expected increase in those costs because of inflation. Thus, you don’t need to be afraid of further shock from mortgage rates. They are within affordable limits now.