Why now might actually be the perfect time for homebuyers to act.

Is now the perfect time for first-time homebuyers to enter the real estate market? If you’ve been paying attention to market news, you may have heard a lot of doom and gloom, but those negative reports don’t paint the whole picture. There are new opportunities in our current market that could greatly benefit first-time buyers. 

In case you don’t know, interest rates are higher. This makes it more expensive to purchase a home, and our market has slowed as a result. That may sound bad, but there are actually many benefits for buyers. 

First, there is way less competition. When rates were low, you would need to compete against 20 or 30 buyers for a decent home. Now, you can negotiate terms with your sellers. Sellers may be willing to pay for closing costs or make repairs before closing. For example, inspections were rare when our market was red-hot, but they are becoming increasingly common again. 

“You build wealth with every mortgage payment you make.”

Another factor is that there are more homes on the market. Houses aren’t selling as quickly as they used to, so buyers have more options to choose from. Before, you may have needed to settle for a less-than-perfect home; now, you can take your time and find your dream house. Price reductions are also becoming more common, so you might be able to secure a great deal as well. 

Our current environment is great for first-time homebuyers, but rough for renters. Rental rates have been increasing substantially recently, and when you pay rent, you aren’t building equity. On the other hand, your monthly mortgage payments will likely be lower than your rent, and they’ll be locked in. Plus, you’ll be building your wealth with each payment. 

If you are thinking about buying or have questions about today’s topic, please call or email me. I am always willing to help!

 

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