Those who learn what I do and where I work will sometimes ask, “When’s a good time to buy a home?” That question is always an interesting one. They say timing is everything, but we don’t all follow the same beat. I usually respond with a question of my own, “Are you ready to?”
Ask a friend when a good time to buy a home is, and they might say, “Now!” Ask them why and they’ll probably tell you because prices are on the rise and interest rates are heading up.
Inflation has been at or just under 2% for some time. Housing prices increased over 7% in Southern California last year and more than 10% in Southern Nevada. So, prices are certainly going up. Everyone and their brother-in-law have predicted increasing interest rates and, to offset concerns about inflation, the Fed has in fact been bumping up rates. More increases are ahead.
So, let’s backtrack. The question you may really want to ask is “When’s a good time for ME to buy a home?” If higher rates and home prices mean you risk no longer qualifying, then now may be the time.
If that perfect three-bedroom house has a “For Sale” sign in the front yard, then now’s the time. It’s the time to buy if your credit can be categorized as reasonably good, good or excellent. If you aren’t carrying excessive debt, and you’ve saved enough for a decent down payment, now’s the time. It’s as much about where you are as where the market is. You want to be as comfortable with the decision to buy as you will be in the home you buy.
The bottom line: if you want to buy a home and you’re ready to buy now, then now’s a good time. Roughly 64% of Americans are homeowners. Whether you’re looking to buy your first home or your next one, we can help. And we can do it now or whenever the time is right FOR YOU.