Low inventory and high demand have driven up home prices all over the country.
While some people see that as a reason to delay their home purchase, experts say now is a great time to buy a home.
If you're one of the many people holding out on buying a property in the hope of a price drop, then you should have a rethink.
Here are some top reasons to buy a home now:
1. The uncertainty that prices will fall
While you may be hoping that prices will fall, there’s a high probability that things will remain the same for several years. This could mean paying an even higher amount later on in the future.
2. It's not a bubble
Most people are delaying their home purchase because they believe prices are inflated because of a bubble and will drop soon, allowing them to grab a good deal. However, experts have always maintained that this is not a bubble, but rather an unusual market behavior. So the chance of a massive drop is quite low. Even if prices fall someday, it won’t happen in one fell swoop.
3. Mortgage rates are on the rise
Although it is hard to forecast what will happen in the market with certainty, waiting for the market to calm down will not save you money. You will likely end up paying more due to rising mortgage rates.
4. Rents are rising as well
Rent is rising to meet mortgage and market values. So if you delay buying a home, your landlord will likely raise rent and you’ll regret not buying earlier. However, if you make the purchase, you can save rent or earn more from rent to cover the mortgage.
What should you do?
Now is the time to make your home purchase. The economy shows that buying now will be a better choice than waiting for prices to fall.
Contact Anew Lending for a mortgage pre-approval
Are you ready to kick start your home purchase journey? Anew lending is your best choice to get a mortgage to buy your dream home.
They’re a leading residential mortgage lender that specializes in loans to buy homes or refinance your current loan. They’re licensed by the U.S. Department of Housing and Urban Development (HUD) and offer a variety of loan products with the best rates, terms, and low fees.
Their team of friendly and experienced staff will work you through the entire loan process—from the very beginning to when you get the keys to your home.
You can call Anew Lending at (916) 655-9306 or visit their website for a free consultation.
