After last year’s surge, housing prices are leveling off in some areas as the real estate market cools. And sellers are motivated. Their homes may have been on the market since late winter or early spring. Anxious to sell their properties, they now may be prepared to consider lower offers.
Also, as the school year comes to a close, sellers who are planning to relocate their families and get settled in their new neighborhoods before September know they have a specific time frame within which they must work. They’ll be more open to offers, as well.
If there ever was a time to at least consider looking for a home – for no other reason than to discover what it would take from a financial perspective to become a homeowner – it is now.
While rates have shifted upward in the last year, they are still relatively low, historically speaking. Plus, rents in many parts of the country are now higher than it would cost each month to own a home, without adding in other benefits, such as tax write-offs relating to holding a mortgage.
You need to think longer term: Consider the long-term benefits of purchasing a home, such as being able to build up your equity over time. Also imagine the feeling when you finally pay off your mortgage. People who are long-term renters will never know that feeling.
Your mortgage professional would be glad to assist you with any questions you may have about qualifying for a home.