There’s no denying that recent market conditions have made purchasing a home difficult for many potential buyers.
But the good news is, many of those market conditions are changing — and changing in favor of buyers. So, if you’ve been thinking about buying a home, now may be a good time to make a move.
Why? A recent article from realtor.com outlined why it makes sense to buy now, instead of waiting, including:
- There are more homes on the market. From an inventory standpoint, today’s market definitely presents a better opportunity for buyers than the past few years. In fact, according to the article, housing inventory in the US has grown 50% from last year. As a buyer, you’ll have significantly more for-sale homes to choose from.
- Interest rates are likely to decline. Interest rates are currently high, which is pricing some buyers out of the market. But the good news is, the Federal Reserve isn’t expected to make any rate hikes in the near future, which means that mortgage rates are likely to start gradually declining in the coming months, making it easier for buyers to afford homes.
- Homes are taking longer to sell. Over the past few years, homes have been selling virtually as soon as they hit the market, and often for significantly over asking price. But in today’s market, it’s taking longer for homes to sell, which may make some sellers more willing to negotiate with buyers and accept a lower price, or agree to cover closing costs.