Confused about the right time to buy? We’re here to help.
Recently we’ve all heard about how crazy the housing market is and that can be intimidating for first and experienced buyers alike. Over the past year list prices have skyrocketed across the country, but especially here in New England. It doesn’t feel like all that long ago when a starter house was listed below 300k and now it feels like you can’t get much of anything for a whole hundred thousand dollars more! With prices on the rise and houses moving fast the right time to buy seems more like a dream than realty.
But it’s not all doom and gloom, there is good news about the current housing market. More homes are being listed for sale now than they were this time last year, and the average list price of these homes is lower than it was in the spring of 2021. Another thing working in your favor as a buyer is mortgage rates. The national interest rate average for a 30-year loan is still multiple percentage points lower than it was five to ten years ago and ten to fifteen percentage points lower than historical highs. This means you can get more home for a similar monthly payment.
But let’s face it the housing market, especially here in New England, is still moving at record paces. Homes are popping up for sale and getting marked as under contract faster than some buyers feel comfortable with, myself included. It can be hard to wrap your head around making that big of a financial decision after just a couple walkthroughs of a home. And while the average number of offers on a home is declining what isn’t changing is how quickly the first offers are coming through. For now, that means buyers are going to have to be prepared to move quickly.
What all this really means is there’s only one right answer when it comes to the “right time to buy” and that’s whenever you feel comfortable. Buying a home is not supposed to be something you dread. Rather it should be exciting and the start of a new chapter in your journey. For most of us the purchase of a home will be the biggest financial decision of our lives and Ross Mortgage Company understands that. Our team is here to answer any questions you may have about the home buying process no matter what stage you’re at. Life is stressful enough as it is, we’re here to make this the easiest home buying experience possible.