Is March 2020 a Great Time to Purchase a Home?
As mortgage rates continue to rise and home prices escalate, many aspiring homeowners find themselves questioning whether now is the right moment to make a purchase. If you're considering whether to jump into the market, here are some insights and factors to consider, based on our extensive experience in the real estate sector.
Getting a Feel for Your Local Market
First and foremost, it's essential to take a close look at the homes currently listed in your area. Understanding the dynamics of your local real estate market can provide valuable insights into pricing and what's currently available. By doing this, you can gain a better understanding of where the market stands, which in turn can help you make a more informed decision.
Observations from Industry Experts
Our Chief Real Estate Officer, Chris Heller, and VP of Real Estate and Mortgage Services, Jerimiah Taylor, offer their professional insights on the current market. In a recent video, they discuss the state of the market, including trends and potential opportunities. By watching this video, you can gain first-hand advice from those who have vast experience in the field.
Key Considerations for Homebuyers
Below are some factors to consider:
Increasing Inventory
Much more inventory is coming onto the market compared to previous months. This influx of property listings can give you the advantage of finding a great home at a potentially better deal. Additionally, if a seller is eager to offload a home due to new listings, you may be able to negotiate a more favorable price.
The Power of Time in Real Estate
Time is your ally in the world of real estate. The longer you own a property, the more equity you can build. This is crucial because as you own the house for longer, its value can increase, and you can leverage that equity in various ways.
Current Mortgage Rates and Future Predictions
Although mortgage rates have increased, they remain relatively low compared to a couple of decades ago. If inflation eventually subsides, it is quite possible that mortgage rates will decrease, presenting you with the opportunity to refinance in the future. This could potentially reduce your ongoing costs and make homeownership a more viable option.
Seeking Professional Advice
Ultimately, everyone's situation is unique, and it's crucial to consider your personal circumstances. Consulting with an experienced local real estate agent can provide valuable guidance tailored to your specific needs and goals. An agent can help you navigate your local market, making the process of buying a home more manageable and successful.
Movoto by OJO works with a network of industry experts across the country, providing you with the support and expertise you need to make an informed decision. Whether you're looking to buy now or are still on the fence, speaking with an experienced agent can help you determine if it's the right time for you to purchase a home.
For further assistance, you can visit Movoto by OJO where you can find additional resources and tools to help you navigate the home buying process.