This latter part of 2019 has ushered in a new round of lower interest rates, combined with dropping home prices. That’s good news for buyers … there are some real deals out there for homebuyers, just waiting to be claimed. It’s great news for sellers, too, as buyers are able to afford more house for their monthly payment, which means more eligible buyers for your home.
On top of that, the economy healthy, even more so than any time in the past few decades, based on unemployment numbers, income statistics, and the inflation rate (all down). According to experts, these factors make conditions ideal for home buying. A representative from Fairway Independent Mortgage Corporation commented, “Inflation has slowed. It’s easier to pay down debt and create more disposable income. The real estate markets in some areas have cooled a bit. As a result, we’re seeing less bidding wars.”
Is now the best time to buy? You are the only one who can accurately answer that question, based on your personal circumstances. But, if you’re in the market for a new home, are in good financial health, and have a dependable source of income, now may indeed be the perfect window to purchase. After all, you need a place to live, and you’ll be better off in the long run building equity rather than throwing money away on rent.
The chief economist for the National Association of Realtors, Lawrence Yun, said recently, “Buy a home to build wealth. Given the housing shortage, home prices are much more likely to rise rather than decline. Mid-priced and affordable homes are in a safer place than the upper-end market, with solid home price growth expected.” But be sure to do your research! Talk to a trusted real estate broker and reputable loan officer prior to stepping out in the market, particularly if you have unique needs, like a VA loan benefit or military move. Are you making a decision whether buying a home, or renting or living in military housing, is best for you and your financial goals? A qualified real estate/lending team can help you decide what type of home and monthly budget you can afford, as well as the best loan for you.
Doug Lawrence is a licensed real estate broker with Keller Williams West Sound in Gig Harbor. Doug is a military veteran himself and VAMRES certified (Veterans and Military Real Estate Specialist). Whether you move is to or from the Pacific Northwest, or anywhere in the U.S., Doug can help make this move your best move ever!
(c) 2019 Doug Lawrence. All Rights Reserved.