Is It a Good Time to Buy a House Right Now?

Danielle Jackson • September 29, 2022

In today's house market, it's important to know when the best time to buy a house is. Is it a good time right now? Learn here.

Even though many fear we're in a recession, it doesn't mean that now isn't the right time to buy a house. The real question is, what does the house market data mean for people who want to either sell or become home buyers?

In this guide, we're going to share some information about home buying and what the housing economy means for you and others looking into buying a house. Read on now.

Why Does the Housing Market Favor Buyers?

There are several reasons the housing market favors buyers, with the first being low mortgage rates. At the beginning of the COVID pandemic, mortgages were the lowest they've ever been in years.

With that being said, as time goes on, mortgages will continue to increase slowly, meaning that now is the time to pull the trigger and buy a house while mortgage rates are still low. This gives you a chance to secure a mortgage without the fear of high-interest rates.

If you're concerned about rising mortgage rates, we recommend you take some time to review the options you have. This means contacting various mortgage companies and collecting information before making your final choice and submitting an application.

Plenty of Homes to Choose From

The housing economy is what we call "a buyers market," meaning there are more homes for sale than buyers. Given the amount of homes on the market for sale means that you can ensure you choose a home that has all of your wants and needs.

It also means you've got more room to negotiate the price you'll purchase your home at. Being able to negotiate in a buyer's market means making the most of mortgage funds.

If you're willing to wait, most sellers begin to cut the price of their homes because they don't want their homes to sit on the market without being bought for too long. We also recommend working with a realtor such as Willcuts Company Realtors because they have the expertise and knowledge of the housing market that you need on your side when buying a home.

Not only does a realtor have this knowledge they also have inside information about the housing economy that you can use to ensure you buy the house of your dreams.

The House Market & What It Means For Buyers

The house market is booming, which means now is the ideal time for you to find the home you want and buy it. There are several reasons now is a good time, like lower mortgage rates and more homes on sale for you to choose from.

However, before you can buy the home that you want to buy, you need to take your time and work with a realtor. They know the ins and outs of the housing market and can help you.

Contact Willcuts Company Realtors for help today.