If you’re a potential homebuyer, don’t wait for the market to correct.

Have you been waiting for the market to correct itself before making a purchase? Today I’ll discuss a few key reasons why it might be better to buy right now.

First, interest rates are on the rise. On average, rates are hovering around 5%, while they were recently 3%. However, rates are still very good historically speaking. If you don’t lock in a low rate now, waiting for them to go up by another few points could end up costing you significantly more money in the long run. The Federal Reserve has been very clear that they’ll continue to raise rates to combat inflation.

“It doesn’t seem like the market will become any more forgiving to buyers in the near future.”

Secondly, inventory is still very tight. To have a balanced market here in central Florida, we would need between 14,000 and 16,000 units—we’re currently below 3,000 units. We’ll need a lot more inventory before we can expect to see prices decrease. There’s nothing in the market to suggest that a surge of inventory will happen anytime soon, so a market correction on that front seems far off.

Lastly, there’s never really a bad time to buy real estate. Historically, real estate has always risen in value; it might dip down with the market, but it always comes back up again. That makes timing the market very difficult.

If you’ve been considering waiting for the market to come down before buying, remember that it doesn’t seem like the market will become any more forgiving to buyers in the near future. Now is the best time to make a move.

Don’t hesitate to give us a call or send an email if you have any questions or need assistance. We’re here for you.