Should You Wait Until Spring to Buy a Home?
Lately, I’ve been hearing a lot of people say they’re waiting until spring to buy a home. And with everything that’s happened in the last year, it might seem like holding off on buying a home might be the best thing to do. But what’s happening in the market right now (especially, in my experience, if you’re looking at buying a house in Las Vegas) is actually setting you up for a pretty great time to buy. Here’s why:
Mortgage rates are historically low
This year, mortgage rates have hit a historic low (at under 3% for the first time EVER). If you buy sooner rather than later and get into a home while rates are low, you’ll be in a great position for long-term gains before mortgage rates start to rise again. Take advantage!
Buying is more affordable than renting
The one thing I always tell my first time home buyers is that when you’re renting, you’re paying your landlord’s mortgage and building up their equity. But when you own your own home, you’re building your own net worth in your home’s equity. Plus, with mortgage rates where they are right now, low rates means lower monthly payments, which is just more money in your pocket!
Home prices are appreciating
Home prices are expected to continue appreciating through 2021, especially where I am in Las Vegas. Given that the price of homes are continuing to rise while, at the same time, mortgage rates are historically low, means that now is one of the smartest times to make the investment and buy a home sooner rather than later.
Got any questions on how these market conditions might affect you in the home buying process, or on buying a home in general? Fire away!
I’ve created a guide covering a few key things you need to know if you’re thinking about buying a home. It’s totally free - get yours here!
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