Buyer's Resource

Now is a great time to buy! In the last five years, we have transitioned from a seller’s market to a buyer’s market. With many homes listed at affordable prices and low interest rates, prospective home buyers can buy more of a house than ever before.

Two questions I am often asked:

  1. Should first time homebuyers wait for a house to reduce in price?
  2. Should home owners wait for a market change to trade up?

Both are taking a chance by waiting.

If the first time homebuyer waits until the selling price lowers, they risk the chance of interest rates going up. If interest rates goes up by 0.05%, they would spend more money in monthly payments over the course of the loan then they would if the home was reduced by $10,000. With higher monthly payments, the buyer may have to settle for a lesser home.

The buyer who is trading up could recover their perceived loss on the home they are selling by buying a new home at a greater savings. Interest rates will affect these buyers doubly: in the price they pay for their new home and the number of people qualifying to purchase their home. The only risk buyers are making in today's buyer's market is not purchasing a home now.