Is now the time to buy a home? To put it simply, yes. One couldn’t blame homebuyers for being hesitant based on last year’s market, but that was LAST year’s market. As of this writing, inventory is up and there’s more variety in the market. Why settle when you can buy the home of your dreams? The odds of that happening are much greater than they were this time last year and optimism is growing.
Chances are, things are going to turn around big time by the end of the 3rd or early into the 4th quarter of the year. More and more homes will be on the market. Why wait when you can secure historically low interest rates right now? Yes, rates are indeed higher than they were pre-pandemic. They’re still a full percentage point lower than the national average just fifteen years ago.
Reports from the Federal Government pertaining to employment are also quite encouraging. Over 200,000 new jobs were added to the economy at the beginning of the year, bringing unemployment down to 3.5%. When more people have money to spend, they will spend it. That’s good for the economy as a whole.
If you’ve been thinking about buying a home, maybe it’s time you consulted a trusted real estate professional. It’s a great time to get started!