Download my full-guide on buying home property to know more.
What’s Happening in the Housing Market?
With so much recent change in the housing market, you probably have questions
about what it all means for your homebuying plans this spring. Here are two
things that are likely top of mind for you.
Last year, mortgage rates more than doubled within the calendar year. That’s never happened
before, and the rapid rise caused many buyers to put their plans on hold. Today, rates are still
quite volatile. With experts projecting rates will stabilize this year, that could be great news for you
if you’re ready to buy a home. Any drop in interest rates helps boost your purchasing power by
bringing your expected monthly mortgage payment down.
Headlines about home prices can be
confusing. While home price appreciation
has cooled, where home prices go from
here will vary based on supply and
demand in our local market.
That may be why some experts say
prices will decline slightly and others say
they’ll continue to climb, just more
moderately than they did in the frenzy of
the pandemic. The important thing is,
overall, experts say price appreciation will
be relatively neutral or flat this year.
Why Buying A Home Makes More Sense Than Renting
Whether you’re trying to decide whether to rent or buy a home, consider this:
Rents have risen consistently for several decades. When you rent rises, you pay more, and that can make saving for a home even harder.
When you own, you gain equity as home values appreciates and as you make your monthly payments.
With inflation high, landlords may be even more likely to increase your rent.
Homeowners with a fixed-rate mortgage can lock in a monthly payment for 15-30 years.
Key Takeaway
If you’re thinking about pausing your home search because of mortgage rates, you may want to reconsider. Reach me out to know more.