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Don’t Wait to Purchase Your Dream Home

February 10, 2023

Mortgage rates have declined from the highs reached late last year. You may be wondering if you should wait for them to drop further before making a home purchase. Let us explain why it may be more beneficial to act now instead.

We recently received December’s Pending Home Sales data, which measures signed contracts on existing homes. This number came in better than expected. We’re also starting to see other housing sales figures improve like New Home Sales. This rebound means activity is picking up and will likely only increase from here.

Instead of waiting, a better tactic would be to purchase that home today while there is less competition and more room for negotiation. This will help you get the best deal, and if rates do move lower, you can likely refinance your loan, while benefiting today from the price savings.

We also read over the Q4 Home Price Expectations survey updates, which was done in Q4 of 2022 and asked 150 of the top economists in the United States where they thought home prices would be in the future, showed the average expected appreciation over the next 5 years is 23%.

That means if someone were to buy a $500,000 home, and we saw 23% appreciation over the next 5 years – they would gain $115,000 in appreciation. There is so much opportunity in homeownership and it’s important to seek information and updates on housing from professionals in the industry.

Don’t wait, we’re here to answer your questions and help you navigate your homebuying journey.

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