Homebuying: The Cost Of Waiting To Buy In MD, DC and VA
What is the “Best” Time to Buy a Home?
This past year’s real estate market has proven the time-old saying: expect the unexpected. With lower mortgage rates, homeownership proved to be more accessible than ever for first-time homebuyers. It’s true that rates are beginning to rise, but the reality of the market is clear: rates are well below what they’ve been in recent decades, making it an ideal time to buy a home.
If you’re stalled on the sidelines waiting for the “perfect” season to buy, you will be interested to find that waiting may cost you more than you think.
Mortgage rates remain historically low, and while future forecasts are certainly still a great deal, even a half a percentage point increase can significantly impact your monthly payments and add a considerable amount over the length of your loan. The alternative is that you can buy less of a home for the same monthly payment. That means buyers waiting to buy “sometime in the future” are potentially losing money by delaying their purchase.
“If you are considering buying a home and think waiting for the market to calm down is the best option, it’s really important to understand the financial cost of waiting. Many buyers wrongly believe the competitive market means they may not be able to afford as much of a home, but that’s far from the truth,” trusted lender Kathleen Kerins explains. “These rates mean buyers can afford more homes than ever before, even with a competitive market.”
On top of that, history has shown that on average the price of homes continues to rise each year in this area, typically making a purchase sooner a more cost-effective approach than later.
Nevertheless, each buyer has unique needs. Whether it’s finding the right home for you in your ideal neighborhood, purchasing an investment property, becoming a first-time homeowner, scaling up or downsizing, our team of Realtors can help you strategize your best options.
Curious how much you need to save to become a homeowner and take advantage of these low rates? Still think you must have 20%? The answers may surprise you. Click here to learn more about the myths surrounding down payments.
While it is clear this is a great time to buy, our team of expert buyers’ agents is well equipped to help you take full advantage of any market. That’s why we recommend buyers reach out early, so we can work alongside you and guide you toward the best choice for your needs. Contact us today so we can get started.