Why You Shouldn’t Wait To Buy
Here are three reasons why you shouldn’t wait to buy a house.
Are you a buyer who’s on the fence right now? I recently read an art article in Inman Select that gave three reasons why serious buyers should buy now versus waiting. Today I’ll go over those reasons:
1. Appreciation. Zillow’s forecast for 2022 shows that homes are supposed to appreciate by another 11% on top of the 17% increase we saw from 2020 to 2021. If you're looking at a $300,000 house now, it's going to cost you $330,000 or more next year.
"Use today’s dollars, interest rates, and lower inflation to your advantage."
2. Interest rates. We're hearing from the Federal Reserve that rates are going to rise. A 1% increase from 2.5% to 3.5% on a 30-year mortgage for a $300,000 house means you're going to be paying $165 more per month in interest.
3. Inflation. We’re all seeing gas and grocery prices rise. We're in a period of inflation, and everything is pointing to that continuing. We’re being conservative and expecting 5% inflation between now and next year. That means that your dollars will be worth 5% less next year, compared to today.
Keep these reasons in mind if you're in the market to purchase a home. Consider finding that home soon and use today’s dollars, interest rates, lower inflation to your advantage. If you need to talk to a Realtor, please get a hold of me. I'll put you in contact with one of my buyer agents. If you're interested in listing a home or if you have any other questions, please give me a call. I'd love to talk with you.