The upcoming season presents a unique opportunity for homebuyers and several reasons why now is the best time to buy a home. The real estate market is currently experiencing historically low-interest rates, making homeownership more affordable than ever before. Additionally, the surge in remote work has led to a shift in living arrangements, making desirable locations more popular among buyers. To navigate these conditions successfully, it's crucial to work with a knowledgeable agent and act quickly for several reasons:
Home Prices and Stocks Have Likely Bottomed
Home prices and stocks have likely bottomed, indicating a rebound in the local economy. It's best to get ahead of the market before it makes headlines.
Higher Mortgage Rates
Higher mortgage rates may make it harder to qualify, but working with the right agent can make it possible. Remember that the closing price is more important than the mortgage rate, and high rates are temporary.
Sellers Marking to Market
Sellers are pricing their homes to market, which means you may be able to find your dream home at a desired price without competition. However, this also means that there may be fewer homes on the market.
New Construction Is Hard To Come By
New construction homes are harder to come by due to extreme inflation costs and supply chain issues. However, there are still homes on the market with reasonable pricing as developers are eager to sell their current inventory.
Less Competition, More Negotiation Leverage
Starting now will get you ahead of the game, meaning less competition and more room for negotiations before the Spring and Summer sales seasons begin.