When was the best time to buy a home? The answer: probably a couple years ago. Home prices have gone up dramatically over the past couple of years. Rates and prices were relatively low, and for folks who owned a home, there was a great opportunity.
Historically speaking, however, now is still a great time to buy. Rates have ticked up a little bit, but we can remember a time when people were buying homes at 12% or 13% rates.
It’s also still a terrific market for sellers. We’ve been in a crazy seller’s market for the last two years, and that’s starting to shift.
To us, this shift is a good thing; the market was frenzied, and those who wanted to move often couldn’t because they couldn’t get the house that they wanted. Now, things have slowed down, allowing people to get the home they’ve always wanted.
But just because buyers are getting more opportunities to purchase, it doesn’t mean that sellers won’t still get great prices for their homes; it just means that we’re now in more of a balanced market.
To hear in more detail our analysis of the market regarding when buyers and sellers should act, refer to the video above. For your convenience, we’ve provided timestamps for you below so that you can navigate the discussion at your leisure:
- 2:00—Why now is a great time to buy a resale home
- 2:37—Why now is an opportune time to build a new construction home
- 3:50—Buying a home with a bad agent versus a great agent: What makes the difference?
- 5:40—The consequences of overimproving
- 6:20—Why an agent is crucial for buying new construction
- 7:30—Can you save money by purchasing a home without an agent?
- 9:15—A lot of things can go wrong in a new construction home
- 10:20—The value of getting your new construction home re-inspected after living in it for a year
Hopefully, you found the information in this discussion beneficial! If you have any questions about when is a good time to act in the market or about purchasing new construction homes, feel free to reach out to us. We’d be happy to help.