An assumable mortgage allows a buyer to take over a seller's home loan. This option…
Wondering “should I buy now” in today’s housing landscape? You’re not alone. Let’s cut through the buzz and talk about the pros and cons of buying a home right now.
The Pros: Why You Might Think “Yes, I Should Buy Now!”
Strike While Rates are…Okayish?
Look, rates have gone up. But let’s be real, anything below 6% is still pretty sweet historically speaking. You can lock in a rate now and smirk later when they soar.
Low Inventory, Less Competition
Low inventory means fewer houses to choose from, but it also means less competition. You won’t be in a 20-person bidding war for that cozy bungalow.
Rent Isn’t Getting Cheaper
Your rent is more likely to rise than fall. Buying now could save you from becoming besties with your landlord during those awkward annual rent-hike talks.
FOMO Isn’t Just for Parties
Prices are climbing. If you wait too long, you might get priced out of that dream zip code. Fear Of Missing Out applies to real estate too, folks!
Build Equity ASAP
Rent money is gone forever, but mortgage payments build equity. You’re basically giving yourself money. How cool is that?
The Cons: Maybe You’re Thinking “Hmm, Should I Buy Now?”
High Rates, High Stakes
Yes, mortgage rates have crept up. And that will hit your monthly payment. Do the math and make sure you can swing it.
Prices Going Up, Up, Up
High demand and low supply have driven up home prices. Buying now means you’re accepting those high price tags.
People are whispering about another housing bubble. We say chill, it’s not going to happen, but you should be aware that the talk exists.
Upfront Costs Can Sting
Don’t forget those sneaky upfront costs. Down payment, closing costs, inspections—you’ll feel it in your wallet before you even move in.
Low Inventory = Quick Decisions
Low inventory means you might have to make snap decisions. Is the pressure too much for you?
Conclusion: So, Should I Buy Now or What?
It’s a mixed bag, folks. There are solid pros and cons. However, with the right help (*ahem*, like us at New Way Mortgage), you can make an informed decision. If you’re considering jumping into the housing market, let’s talk. Schedule an appointment at www.meetnewway.com. To get preapproved, head over to www.newwaymortgage.com/applynow. For a quick rate quote, check out our Rates page.