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Can you believe that Americans were buying homes at the fastest rate in 2021 since the late 90s?
Although things have cooled off a bit since then, there are still millions of Americans who are interested in becoming first-time homeowners or upgrading from their current living space. If you're also in this boat, then you may feel overwhelmed by your indecisiveness.
Have you been asking yourself, "Should I buy a house now or wait until 2023?" Keep reading to learn about the top factors that should influence your decision so you don't end up with buyer's remorse.
Mortgage rates have been climbing a bit since the crash of 2020, but they're still lower than historic averages. While the future is never certain, there are many signs pointing toward mortgage rates continuing to get higher. If you don't want to have high monthly payments, then locking in a lower rate now could benefit you.
The housing market was almost impossible to navigate back in 2020 due to the fierce demand and limited supplies. Now that people are more settled, buyers who've been outbid before finally have the chance to be considered.
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The biggest reason why people aren't sure if buying a home now is wise is that prices are still high. With less competition to secure a home, sellers will have to lower their prices to entice buyers. You may be able to lock in a cheaper deal next year, but keep in mind that cheaper prices will boost competition again.
Now that many tenant protections from the pandemic have expired, landlords are trying to recoup their losses by increasing rent at astronomical rates. If you'd rather put your money toward an investment, then you can avoid predatory landlords by owning a home.
Buying a new house isn't a decision to take lightly even if the property is modest. To set yourself up for long-term financial success, it's important to keep your debt as low as possible. If you need more time to save up for a down payment, then don't feel pressured to rush into a contract.
You're not alone if you've been wondering, "Should I buy a house now or wait until 2023?" As you can see, there are pros and cons that come with each option. Now that you know more about the facts, you can make the best decision for your unique needs.
Whether you're ready to start shopping for your dream home now or in the near future, New American Funding is here to help. Our mission is to provide you with the best loan possible. Contact us to learn more about our options.
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