Trying To Buy a Home? Hang in there.
Buyers have certain advantages in today's market, so keep searching. Here are several.
Long-Term Benefits Outweigh Short-Term Challenges
Since growing money takes time, buying property early is wise. Freddie Mac:
"Homeownership builds pride and accomplishment and is an important step toward long-term financial stability."
Long-term homeownership advantages like house value increase and equity develop over time.
1. Mortgage rates change.
Mortgage rates have been at 6.5% for months. Sam Khater, Freddie Mac's Chief Economist, says they've been dropping:
Economic uncertainty keeps mortgage rates low. Lower rates have lured borrowers back to the market in recent weeks."
Lower mortgage rates boost buying power, making homeownership more accessible. If you couldn't afford a house when mortgage rates soared, they've dropped.
2. Increased Home Prices
After a minor drop this year, the property Price Expectation Survey of over 100 real estate specialists predicts a steady rise in property prices.
• Waiting to purchase a property may increase its cost.
• Buying today increases your home's value and net worth.
If you've been trying to buy a home, hang in there. Mortgage rates have ticked down recently, home prices are forecast to increase in the coming years, and the long-term benefits of homeownership outweigh many of the short-term challenges.