“My wife and I live in her parent’s guest house and have never owned a home. We’re finally ready to buy, but since the market is slower now, we’re thinking of waiting for it to improve before we buy. Do you think that’s a good idea?”
***ANSWER:
When the market is hot, many people put off buying a home “until the market cools down”. But when things cool down, many people put off buying a home “until the market picks up”. …And sometimes it’s even the SAME people!
Here’s a snapshot of where we’re at right now:
We’re in a normal market, evenly balanced between buyers and sellers. So it’s neither hot nor cold. BUT…
Interest rates are definitely on the rise. So if you’re serious about buying a home, do it before rates go up. Otherwise, when rates jump either you’ll get less house for your money, or you’d have to pay hundreds of $$’s more per month for the same home.
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