Here’s my advice to potential homebuyers in the market right now.

Have you been thinking about buying but you’re starting to have cold feet because of the market conditions that heavily favor sellers? People have been asking me if it’s still a great time to buy a house lately.

Yesterday a friend of mine tagged me in a Facebook post from one of her friends. The friend was talking about how she was looking for a house to buy but wanted to take a break because things were just so hectic in the market.

As prices and rates go up, homes become less affordable.

I 100% understand where she is coming from. I actually commented on the post and said so. I told her that if she was thinking about buying a house at all, she should reach out to a mortgage lender to determine what payments look like now versus what they might look like in a few years.

The NAR predicts a 9% increase in home prices in 2021 and another 3% in 2022. Freddie Mac is also predicting an increase of 3% in interest rates this year and a whopping 15% rise next year. Those are huge increases, and as interest rates and prices go up, homes become less affordable. If you wait until rates go up to buy, your monthly payment is going to be up over 10% next year or close to 22% if you wait another year.

There are a lot of factors that go into whether now is a great time for you to buy. One of the most important is the monthly payment, which may be on the rise in the near future. If you have any questions for me about this topic or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.