Despite the rise in home prices and rates, and in some cases a lack of inventory, it can still a good time to buy a home. Case in point: if you’re already ready to buy a home, you could lock in a favorable interest rate before things shift. Rates seem high at 5+%, but from a historical context they have been much higher. Locking in that rate can help you get into your new home prior to properties increasing in value and becoming cost prohibitive.
If current housing conditions and rates aren’t making it a good time to buy, you may want to hold off until inventories increase. How do you know if inventory has increased? Divide the number of homes on the market by the number of homes sales in the last month. 7 or above means there are plenty of houses available (buyer’s market). 5 or below means housing supply is limited (seller’s market). Keeping track of home sales in your area will help decide if the housing supply is increasing or dipping.
It may also be a good time for personal reasons. Your family may be growing, or your career or lifestyle are changing. Regardless of the reasons, you can call me at 503-7013-4699 or email me at email@example.com if you need more information about buying a home or if you just want to run some numbers.