Why Now Is A Good Time To Buy A Home
Some buyers may wonder if now is the time to purchase property. There are some definite advantages to buying now than perhaps the early part of last year. Here is a closer look at why now is a great time to buy real estate.
Better Deals Today
It wasn’t long ago that inventory was slim and we saw lines of buyers coming in droves to visit a home when it first came on the market. Chances were that many of those buyers were all vying to buy the said home and were willing to do whatever it took to get it. Waiving contingencies, paying over asking and more were done to try to win the multiple offer wars. However, nowadays the bidding frenzy has cooled so there are better deals to be had. And in some ways, despite rates being higher, you may be paying less in the end as you can probably negotiate a better sale price than before.
Don’t Bank on Rates
So as discussed, today’s market may allow for a better purchase price even though rates are higher now than early last year. Nobody has a crystal ball to tell us what rates are going to do, but some reports speculate that they will go down next year. You can bet that as soon as they do we will see more buyers stepping up to the plate which could mean you will be paying more for the purchase price. One could argue that it may make more sense to negotiate a good purchase price now and do your refinancing later.
The Market Is Cyclical
The real estate market has its regular pattern and once demand goes up with the regular real estate cycle, deals will be more difficult to find. If that is fueled by lower interest rates, negotiating prices and terms will be even more difficult. What we do know is that there is a buyer window right now, and we don’t know when it will end.