How to Decide if You Should Buy a Home Now or Wait a Few More Years?

If you are thinking about buying a home, you might be wondering if now is a good time. Making the decision to purchase a home is something that should not be taken lightly. The process of finding a home and making an offer can be lengthy, so providing yourself with ample time is a good idea. But what might concern you more than thinking about whether or not you should purchase a home is deciding exactly when you should plan to complete the transaction.

Mortgage Interest Rates are Low If you are on the fence about whether you should move forward with purchasing a home now rather than waiting a year or two, make sure to factor mortgage interest rates into your decision. Today’s mortgage interest rates are quite low. With good credit and a sufficient down payment, it’s possible to find a fixed rate mortgage with a very attractive interest rate. Keep in mind that mortgage interest rates are bound to rise in the future.

Inventory of Homes Currently Available If you live in an area with a low inventory of homes for sale, you might not have many opportunities to buy a home that meets your criteria. In many metropolitan areas across the United States, homes are selling very quickly. Therefore, it’s a good idea to get pre-approved for a mortgage and have all of your paperwork in order at all times so you can make an offer as soon as you find a property that you like. You might find a home quickly, or it might take several months to find a home that you want to purchase.

Home Prices are Rising in Many Places In many areas, the price of real estate is continuing to rise. If you are staying out of the housing market because you are waiting for home prices to fall, you might find yourself waiting for a long while. Home prices may never decrease. If prices continue to rise, you might end up being priced out of the market. Remember that with mortgage interest rates at a low level, now might be an opportune time to make an offer on a home.

The Best Time of Year to Buy a Home Are better deals available on homes at the end of summer? Not necessarily. There is never a “perfect” time of year to purchase a home. In other words, it can be impossible to time the real estate market so that you get a good deal on a home and also a low mortgage interest rate. If you are ready to move forward with a home purchase, it’s a good idea to start the process. You may find a home that you want to purchase quickly. A home is a big investment and it’s important to find a property that you truly think you will enjoy owning.

If you are interested in learning more about the home buying process and how to apply for a mortgage, call The Home Loan Arranger today at 1-877-938-7501 to schedule a free consultation.

About Jason

Jason M Ruedy is The Home Loan Arranger - Denver mortgage broker and Colorado's top producing loan officer of residential loans, refinance, purchasing, conventional loans, FHA, and VA loans. For home loan information, visit The Home Loan Arranger or connect with Jason Ruedy on LinkedIn .

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