Yes! But also no, but mostly yes! I'll explain...
It's no secret that ever since COVID 19 struck in 2020 the real estate market has been favoring sellers. If I am being honest, which I am normally painfully so, it has been ROUGH for buyers. However that doesn't mean that it isn't the time to buy!
At the beginning of 2020 we saw a historic drop in interest rates making home ownership more affordable. Even though the interest rates were in the favor of buyers, the increased demand of buyers coupled with the decreased supply of sellers made it a market that couldn't compare with anything else. While buyers were forced to offer well above asking to compete, the incredibly low interest rates allowed them to do so.
So what does this mean two years later? Interest rates have steadily increased since the beginning of the pandemic and they are predicted to continue to do so throughout 2022. This means that buyers will qualify for less as their interest rates rise, and therefore their monthly payments, will increase.
Not only are the interest rates rising, but the price of homes are also rising. While home prices are supposed to rise at a lower rate than they did last year, they will still climb as buyer demand continues to be strong.
While buyers will continue to have to compete in a tough market, now is the time to take advantage of low interest rates and lower home prices. It may take a few offers, some extra savings, and a lot of emotions - but if you're trying to buy in the next few years, now is the time.
If you're ready to buy or still thinking about it submit an inquiry here.