Is now the right time to purchase a home?
So, this is still a transitioning real estate market, and there are several key indicators you should definitely keep an eye on..
- Changing interest rates As most of you know, the federal reserve board has been raising interest rates to curb inflation. Bottom line, interest rates are not going down anytime soon, but they are still at historically lows. The sooner you identify a property to lock in your rate, the better.
- Sellers beginning to make concessions This good news for buyers. While recent price corrections have not been dramatic, sellers are still having to reset their expectations.
- There is more inventory There are still a good number of new properties coming on the market, however homes are staying on the market longer increasing the available inventory. Again, giving the advantage to the buyer.
Last but certainly not least, if you are a first time home buyer or and investor, RENTS are go UP, proving that home ownership is always a good investment!
After reviewing all of the current key indicators, my opinion is YES, this is GREAT time to buy!
I hope that’s helpful, feel free to reach out. I’m always here to help!