Good Time to Buy?

Prospective homeowners are struggling with their desire to buy a home and whether or not now is the best time to buy.  Mortgage rates have dropped to around 7 percent but the inventory of homes for sale is still limited and challenging. Shark Tank personality and Realtor Barbara Corcoran thinks that homes will be going up in value this year which might not bode well for buyers sitting on the fence waiting for rates to drop and available homes for sale to improve.

It’s always hard to time the market. If mortgage rates drop and more buyers enter an already competitive market home prices will rise. There’s an expression in real estate, “Marry the house and date the rate.” In other words, buy now if you find the right house because you can always refinance later.

When is the best time of the year to buy a home in California?  Traditionally most homes are listed for sale in the spring and summer.  This allows families to get situated before the new school year begins in the fall. This pattern continues to evolve as buyers know they can find their dream home at any time of the year. Sometimes to get the right house you have to make tradeoffs that might be uncomfortable in the moment but more times than not pay off over time. 

Buying a house right now might be overwhelming, but waiting too long can present challenges. Review your finances and think about how much you’re able to pay upfront as a down payment.   Try to take the pulse of the real estate market where you’d like to live. Then, talk with an experienced local real estate professional who can assist you with whether or not you should buy now or wait.  Good luck out there.