With all of the recent hoopla regarding interest rates and market ups and downs, it can be overwhelming at best to know what to do with your hard earned money – and that includes deciding whether or not you should move forward with the purchase of a home.
So, before you make a 30-year commitment, here are some things to consider that pertain to keeping your money in the bank or taking the home buying plunge this year.
First, it is anticipated that there will be more available homes for sale throughout the next several months. This, in turn, could favor home purchasers, as there will be more supply than demand.
With that in mind, though, many real estate experts feel that the bulk of this inventory will be in the higher priced properties. Therefore, depending on your home buying budget, this could be good or bad news. One bright spot here, however, is that even though the prices of homes are anticipated to keep rising, these increases will be at a slower pace than we’ve seen in the recent past.
Another item to consider is the fact that the prices on rental housing are continuing to rise. If you’re in the renter category, then, it could make sense to move forward with the purchase of a home (rather than continuing to lease) and put your money towards building home equity.
If you are considering making a move this year, working in conjunction with an experienced real estate agent can be beneficial. Doing so can give you access to a wide range of properties (both listed and unlisted), as well as help you throughout the negotiation and closing process. Contact Us for more information on what your next step should be for getting you into your new home.