When is It a Good Time to Buy a Home?

When is It a Good Time to Buy a Home?

The truth is, there is no magical time to buy.
Ask yourself, “is now a good time for me to buy a property?” If you answer yes, move forward and buy your new home; if not, wait until you are in a better position.

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.

How is That Possible? 

When interest rates go down, home prices usually go up. When interest rates go up, home prices usually go down.
Look at what your monthly payment will be and ask yourself if you are comfortable with that payment. So many people miss out on securing an amazing home just because they are waiting for prices to go down. As of November 2022, if you waited for prices to go down, they did in some places in the U.S., but interest rates are up.

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