What About When Prices Are Low? Should I Buy a Home Then?
Whether it’s a seller’s or buyer’s market, you should look at what your monthly payment will be. Here’s an example.
During a period of heightened sales in the Summer of 2021, if you would have purchased a home valued at around $400,000 with a 20% down payment, your mortgage payment would be close to $2,000/month. That mortgage now in November 2022 for the same amount would be closer to $3,000/ month due to the rise in interest rates.