Should I Buy A House Now Or Wait?
One of the biggest reasons buyers are looking to purchase a new home is a lifestyle change. As our lives adjust to jobs, family circumstances, and the need for more or less space, our home needs also evolve. As much as we would love everyone to feel they are in the best market to buy when these situations arise, that is not always the case. Often we are faced with a decision to take the jump in order to live comfortably and re-finance when it makes sense, or hold out for a better rate, better price, or better option while making do with the inconveniences of our current living situations. While it may be wise to wait depending on personal circumstance, building or buying now has been a suitable option for most of our clients. If you need help deciding whether to wait or buy, here are some factors to consider.
Refinancing vs. Waiting for Rates to Drop
If you get a mortgage loan at a high rate, you will usually have the opportunity to refinance your home loan if the rates drop. Opposed to waiting to purchase a property with hope that mortgage rates come down. If rates continue to climb and you tire of waiting, it is impossible to borrow at the prior rates when they were lower.
An Unlikely “Crash”
While some buyers may be holding their breath for the housing market to crash, they may be waiting a while. Over the past few years of intense buyer competition and lacking supply of homes listed, we are finally seeing a much needed correction in the markets balance. For most of us in the industry, we are optimistic that that means patterns are returning to a healthier balance between supply and demand.
Less Competition
Many Central Iowa homes have sold quickly this year. With so little on the market compared to previous years, looking for homes could have been frustrating or even deterring for qualified buyers. Since interest rates have increased and more inventory has been coming into the market, there are more, desirable choices for buyers and less competition.
Convenience
A huge and maybe the most influential factor in deciding to buy now or wait, would be your lifestyle and needs. If you find yourself outgrowing your current living situation, it can be an inconvenience to hold off. If buying a new home would relieve stress in your life, that is your sign to decide if you could comfortably make it work and act now.
Everyone has their own set of circumstances, yes, but there is no better time than the present when almost everything within you is telling you that you’re ready. When there is more than one good reason to follow through with buying a new home you likely shouldn’t put off buying just because of less than ideal mortgage rates. Kimberley Development can help you find or design the home of your dreams, in numerous developments all over Central Iowa. No more waiting, contact us today.
