So today, I received a message on Facebook asking this question…. I thought I would share it with you as it is something that, as a Realtor, I get asked a lot…. and I mean… A LOT. Honestly, it is ok to ask this question… in fact, it is always a great question to ask. As a Realtor, I want people to ask questions….yes, even questions I have been asked a million times before. Sometimes the answers change depending on the market, time of year, or whatever is going on in the world.
I am always happy to answer questions….ALL questions….
So Tracie DeMars.. should I buy a house now or wait a year?
That, my friend, is the million dollar question, and one that is always a loaded one. The best time to buy a home is when it is the best time for you, & your family.
We never know the ‘perfect’ time until it has already passed. Interest rates are going to continue to go up for awhile to correct the market. Prices are not going to start coming down for awhile, and even when they do you might still be paying more of a monthly payment due to the higher interest rates.
In 2010, I refinanced my first home for the CRAZY low interest rate of 5.5% (no… seriously.. that was crazy low then! We jumped on that rate so fast we didn’t even undress). My mortgage was based on the loan amount of $200,000 (NOW that is Kardashian crazy). In 2017, we sold that home for $290,000, but our buyer had an interest rate of 3.25%. His mortgage payments were only $53.29 more than our payment. So even though he purchased at almost 100k more, that super sexy low interest rate balanced out his payment to be almost what ours was.
I would honestly say now is better than later, but to be perfectly frank … the crystal ball is cracked, the magic wand is on the fritz, and the magic 8-ball is a freaking liar.
Again… the best time is when it is best for your family.