“Is it a good time to buy right now?

I hear it asked all the time, and the truth is, the time is right when it is right for you. 

You are in the driver’s seat when it comes to what will be one of the largest purchases of your life. Don’t let market conditions, family or friends decide for you. Do you have a lease set to end soon? Do you have your down payment saved up and ready to go? Do you have steady employment? Good credit? Ready to call a space your own? (I could go on!)

If you answered yes to any of these questions, read on my friends as I am about to get real and give you a handful of reasons that will support your decision to buy. 

Interest Rates

Interest rates play a monumental role in the overall affordability of a home. We have seen historic lows over this last year, which is a contributing factor as to why so many have decided now is the time to purchase. Experts are predicting that while rates will continue to stay historically favorable as the economy strengthens, we will see a modest increase going into and continuing throughout 2022. We recommend talking to your mortgage lender to see the implications of rising rates on your ability to afford a house.   

If you have been waiting for home prices to go back down, you may be waiting longer than you thought. Experts all agree that home prices will continue to appreciate over the next few years, but at a much more steady rate of about 4.1%. Contributing factors include a lack of inventory, low interest rates and high lumber prices. Keep in mind that even though prices are up, it is our historically low interest rates that continue to keep home ownership affordable.

When you buy a home with a fixed rate mortgage, your payment is locked in for the term of your mortgage! I know I will be paying the same monthly payment on my home for the next 30 years.  Rents, on the other hand, will only continue to go up as the economy strengthens and inflation occurs.

Owning Vs. Renting

Which brings me to my next point. Paying that ever-increasing rent is a great way to contribute to the wealth of your landlord. How long have you been renting? How much have you paid in rent? What do you have to show for it? 

Nada, nothing, squat. (Need I say more??

Owning a home is an investment in your financial future! I always like to tell people that owning a home is like having a force-fed savings account. All of the money that you pay towards your principal comes right back to you in the form of equity when you sell. Combine that with continued appreciation and you just made the best investment of your life. Talk to someone who bought a home in the last few years and ask how much they have made in equity due to market appreciation. Prepare to be amazed!

Sooo…what now?

If you’re ready to talk through your specific situation and want to have an honest, no-strings-attached conversation, I’m here for you! Let’s make a pro’s and con’s list and you can decide if now is the right time, and if it is, what your next steps are. If it’s not the right time, let’s get you on track to make sure you’re in the best possible place to make home ownership happen when the time IS right for you. I’m here to helplet’s chat!

Kelsey Zimmerman



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