When it comes to homebuying, it’s hard to separate noise from information, and that can lead to analysis paralysis. That said, if you’ve been thinking about buying a house, don’t feel like you have to wait for perfect conditions. Here are three reasons why you shouldn’t delay exploring the home market:
 
Mortgage rate fluctuations are normal. Rates are affected by the larger economic climate, and since the economy is always changing, rates can go up or down. Attempts to forecast the market often miss the mark, so your best bet is to talk with a mortgage professional to understand all your loan options rather than trying to guess what rates will be next year.
 
Moderating home prices are improving affordability. Soaring demand during and after the pandemic caused large price increases that scared many homebuyers off the market. But now that prices are stabilizing, this may be the perfect time to act. As with rates, don’t try to wait for a “perfect” market. Work with an experienced homebuying team to find the right home (and financing product) for your circumstances.
 
It takes time to find your dream home. Housing inventory continues to remain below the levels needed to meet demand, and new homes can’t be built fast enough to bridge the gap. If you’re looking for a home in a high-demand area, housing supply may fall further short of demand. This means it may take longer than you expect to find the right home, so it’s a smart idea to start your home search now and get pre-qualified for financing sooner rather than later.
 
Not Sure You’re Ready? Maybe you’re still saving for a down payment, or you’re not sure if you’ll be able to qualify for a mortgage ... but we can help you decide. There is an array of loan options that don’t require a hefty down payment, and you may qualify for a loan program that you don’t even know about and that can be stacked together to increase the amount that’s available. We can help you look at your finances, understand your options, and learn what would be right for you right now. You could get into a home sooner than you think.

Reach out to a Mortgage Specialist today, and let’s talk through your options! Call us at 1-888-254-9500 or fill in your contact information on our Home Finance Resource Center and we can contact you!
 
 

 

This article was repurposed with permission from Ellie Mae, Inc. - Encompass© in the 3 Reasons to Buy a Home Now – Article March 2023
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