Should you buy your home now? There is an old quote from Benjamin Franklin, “Don’t put off until tomorrow what you can do today.” This quote held true in the past is still relevant today. Now may seem a difficult time to purchase a home with interest high rates. The lower supply of homes available is also a factor. It is important to do what is right for you. Don’t wait in hopes that rates will decline, says Robyn Friedman, of Kiplinger’ Personal Finance. In “Don’t fret about the housing market. Do what is right for you,” she mentions market uncertainty and needing to purchase now. You may need to move for work or are increasing the size of their family. You may want to buy in an area where houses are seldom available. Whatever the reason, if it is the right home that fits your budget, then you should move forward.
“The housing market is not predictable” says Joel Berner, a senior economist at Realtor.com. The housing market may actually remain level with it being neither a seller nor a buyers’ market which is something that has not happened before. With so many factors weighing in like new presidential administration policy decisions to include policy changes, tariffs and deportation changes it creates volatility. According to marketing at Redfin, they noted people are staying in their homes twice as long as they did in 2005. Add this data to higher mortgage rates and the housing market doesn’t look positive. There is just as much a chance for the rates to go higher as they are to decline. If you need to purchase a home, then find the right one for you.
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There is a spark of hope. Selling activity for the first quarter of the year was up 37% month over month according to Realtor.com. People are realizing they can’t wait especially if it is for the right reasons, and they can afford it. As long as home inventory is low, home builders see opportunities in building new homes adding to the home buying market. Mortgage rates may never be as low as they were in 2020 and 2021. We may all need to adjust back to a level that stabilizes the market to some extent. Sam Khater, chief economist for Freddie Mac believes rates will end up around 6.5% toward the end of the year. We all can hope that rates go down some and that there is light at the end of this housing market funnel.
Consider buying a home in a market ideal for retirement living whether you golf or not. Four models are available with one of three exterior elevations and four garage options. There are a variety of current, professionally designed interior finish packages from which to choose. The “Lock and Leave” feature that will take care of lawn maintenance and snow removal making it a great home less maintenance living, for traveling or as a second home. Enjoy an active living lifestyle now with the ability to age in place for the future. Come visit us today and learn more about Homes at Cobble Creek and the active-living lifestyle options available. Contact Madison about Spruce Point Patio Homes at 970-275-0662 or complete the contact Us form.
