HOMEBUYER OPPORTUNITIES TODAY
THE SUPPLY OF HOMES FOR SALE IS GROWING
THERE IS MORE NEW HOME CONSTRUCTION
HOME PRICES ARE MODERATING
Home prices are showing signs of moderation — and that’s a welcome shift after the rapid appreciation seen in recent years.
THE OPPORTUNITY IN FRONT OF YOU
On a similar note, if mortgage rates come down further, more buyers will come back into the market. So, making a move now helps you take advantage of the current market conditions and get ahead of those other buyers.
HOME PRICES ARE EXPECTED TO CLIMB MODERATELY
Home prices will keep rising, just at a more normal pace. That means you won’t have to deal with prices skyrocketing when you buy, and your home should grow in value once you do.
MORTGAGE RATES ARE FORECAST TO COME DOWN SLIGHTLY
As inflation and the economy continue to cool, mortgage rates should ease. This will help with affordability, especially as price growth moderates too.
THE ADVICE YOU NEED TO HEAR IF YOU ARE READY TO BUY
Right now, you may be focused on what’s happening with mortgage rates and how those impact your monthly payment, however, don’t forget to factor in home prices.
Prices are expected to continue climbing, just at a more moderate pace. And while a moderate rise in prices may not be fun for you now, once you own a home, that growth will be a huge perk that pays you back over time.
You can try timing the market, but the equity you’ll be missing out on in the meantime is something to seriously consider. If you’re ready and able to buy now, you have to decide: is it really worth waiting?
Rather than focusing on timing the market, you may need to have more time in the market.
THE BIGGEST MISTAKES BUYERS ARE MAKING TODAY
PUTTING OFF PRE-APPROVAL
As part of the homebuying process, a lender will look at your finances to figure out what they’re willing to loan you for your mortgage. This gives you a good idea of what you can borrow so you can really wrap your head around the financial side of things before you start looking at homes. While house hunting can be a lot more fun than talking about finances, you don’t want to do this out of order. Make sure you get your pre-approval first.
HOLDING OUT FOR PERFECTION
While you may have a long list of must-haves and nice-to-haves, you need to be realistic about your home search. Even though your ideal scenario is finding a home that checks every box, you may need to be willing to compromise. A home that has everything you want may be too pricey.
BUYING MORE HOUSE THAN YOU CAN AFFORD
With today’s mortgage rates and home prices, there’s no arguing it’s still expensive to buy a home. And while it may be tempting to stretch your finances a bit further than you’re comfortable with to make sure you get the house, you want to avoid overextending your budget. Make sure you talk to your agent about how changing mortgage rates impact your monthly payment.
NOT WORKING WITH A LOCAL REAL ESTATE AGENT
This last one may be the most important of all. Buying a home is a process that involves a lot of steps, paperwork, negotiation, and more. Rather than take all of this on yourself, it’s a good idea to have a pro working with you. The right agent will reduce your stress and help the process go smoothly.
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