Should I Wait Until Prices Go Down to Buy a House?

Today’s video answers the question we’re asked almost daily; should I wait until prices go down to buy a house?  Everyone says they want to buy at the bottom of the market, but we won’t know we’re at the bottom of a market until it starts going back up. 

Ultimately, the right time to buy a home is when it’s the right time financially and personally for you.  This said there are three reasons that make buying now the best time I’ve seen in over a decade. 

The first is there are less buyers shopping.  The reduced competition allows you to secure the home you really want.  We’ve been waiting for this moment for years.  The pandemic had buyers regularly competing against at least ten other buyers.  Today buyers can typically find and lock down the home that really catches their eye. 

The second is that buyers can actually negotiate the price and the terms of the contract.  The pandemic made it not atypical to bid tens of thousands of dollars over asking price.  Today prices have settled, and buyers can often secure a home for less than asking price and not have to waive all their protections. 

And third, while interest rates are higher than during the pandemic, buyers can refinance the rate when they decrease.  Many lenders will allow buyers to refinance at no cost. 

Please contact us to discuss in more depth! 

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