Three market facts that indicate now is still a fantastic time to buy.
Are you considering buying a home but feeling uncertain because of all the negative headlines? It’s understandable to be hesitant, but don’t let fear prevent you from making a smart real estate decision. Here are three facts to help you make an informed choice:
1. The current interest rates are historically low. Although rates have risen slightly, the 50-year average rate for a 30-year mortgage is around 8%, making today’s rates in the 6% range still very favorable.
2. Inventory is still extremely low. In Fairfield County, for example, there is less than two months’ supply of homes available for sale. That is extraordinarily low. As a point of comparison, before the pandemic, inventory levels were about six months supply or more. In some towns, they were 9 and 10 months of supply. With no sign of a housing crash in sight, it’s an excellent time to buy.
3. The median rental rate has almost doubled in the past decade. If you’re planning to stay in your home for four to five years, buying a home is a smart decision. It helps lock in your monthly payment and shields you from inflation and rising rents.
Don’t try to time the market–it’s impossible. Instead, focus on your unique situation and goals. If you’re renting or in a home that no longer suits your needs, don’t wait. Take advantage of the current market conditions and make the move. Call or email me if you have any questions about real estate. I’m happy to help.
