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The Million Dollar Question: Is now a good time to buy a home?

The Million Dollar Question: Is now a good time to buy a home?

Rob CarlsonRob Carlson
Mortgage Director

I get asked a lot “Is now a good time to buy a home?”  With both rates and home prices up, this is a very good question. I have always said anytime is a good time to buy a home if you find the home you like and are comfortable with the payment.  Waiting for a deal, prices to come down, or a rate to change can lead to missing out on the home you want.  

Besides the emotional reasons for wanting a home right now, here are five financial reasons why buying a home now makes sense. 

  1. Home prices have peaked in a lot of areas and are starting to stabilize or go down.
  2. There are less buyers as some people are waiting for rates or prices to come down. This means instead of a bidding war you might be able to get the home at or below asking price.
  3. If home mortgage rates drop, you can always refinance into a lower rate and payment after you own the home.
  4. Homes historically appreciate in value so even if you buy at the peak and home values drop a bit those values will historically come back as rates drop and more homebuyers come back into the market. 
  5. Rental rates are expected to continue to rise.  

So, if a home goes on the market that checks all or most of your boxes, you may want to pursue it. For more insight and guidance, reach out to any of our mortgage officers or me.

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