Is This The Right Time To Buy?
There are so many advantages for home buyers right now that have not been available for YEARS! Home prices continue to rise, so it is still a good time to buy, especially if you are in a situation where you need to move.
Are you needing a larger home as your children grow or as you add a little one to your family? Maybe you would like to be closer to family or have a new job in a different location. Or are you like me and you are ready to downsize because your kids are all grown up and you can see the empty nester phase creeping up on you. All of these are great reasons to make a move and buy.
Home Buyer Advantages
Let’s discuss some of the current benefits that you can take advantage of.
First Time Homebuyers
Many first time buyers were pushed out of the market during the past two years as inventory was low and demand was high. Multiple offer situations and more established buyers made things difficult. But now things are starting to balance out! Buyers can take their time and many sellers are happy to see offers from first time homebuyers.
Contingency Contracts
A contingency contract means that the buyer making the offer still has a house to sell and cannot go through with the purchase of the new home until the current home is sold. During the crazy market of the past 2 years, many home sellers would not accept contingency offers.
Seller Paid Closing Costs and/or Rate Buy Downs
Now that the housing market is becoming more balanced, buyers are able to ask for things in their offers. Many sellers are now willing to help pay closing costs or help to buy down the buyers interest rate.
Seller Paid Repairs/Improvements
Just as sellers are more willing to help with closing costs, they may pay for needed repairs or improvements on the home.
No Need to Waive Appraisal or Inspection
It is crazy to think that buyers were waiving appraisals and home inspections during the past two years! No more! Don’t do it. Your ability to get your offer accepted does not rely on these concessions anymore.
Price Negotiations and Paying Less Than Asking Price
Now that the market has become more balanced, you don’t need to expect to pay a significant amount over the asking price for a home. Buyers can negotiate and offer less than the asking price and still get offers accepted!
Now, to be clear, you can’t just go in and make a low-ball offer on every listing. Talk to your trusted real estate agent. Have him/her do a comparative market analysis on the home you wish to buy and see if it is priced correctly before making your offer. This is just one reason why it is important to use an educated and trusted real estate agent.
Home Buyer Cons
Higher Interest Rates
This is, truthfully, the only negative to buying a home right now. Yes, interest rates for home loans have gone up. They have risen significantly. This will affect your monthly payment and may price you out of the home you were wanting to purchase.
The good thing is that home values are expected to keep rising. Purchasing now will give you more equity in your home than if you wait.
Talk to your lender about the rate they can get for you. This will depend on your credit score, down payment, etc.
Remember that you may be able to get a seller to help you pay down your interest rate! This would be a great option if the current interest rate is what is holding you back from purchasing right now.
Schedule a Call
Considering a move? Let’s chat and I can help you determine if this is a good time for you. Text or email me today!
817-692-1014 [email protected]
