When is the best time to buy a house?
Spoiler alert: It’s right now! If you’ve been considering buying a house, now is definitely the best time find your dream home. Why? Increasing inventory, continued low interest rates and rising home prices. Let’s explore …
Housing markets have been tightening across the country for years, including here in Des Moines. Recently however, we have seen a slight uptick in homes on the market which has caused a slight uptick in the duration that homes are on the market. As we head into fall and winter, fewer people will be actively shopping for a house which means less competition from other buyers while you search for the perfect home.
Despite a few small increases this year already, interest rates are still at a historical low. Especially when you consider that in the 1980s and 90s they were as high as 10–16%! But many experts predict a rising trend in interest rates over the next year at least, so this is your chance to get a mortgage at the lowest possible rate—compared to waiting even 6–12 months.
If Economics 101 taught us anything it was that decreasing supply + increasing demand = higher prices. And as we already know, the current inventory is already low and demand in our thriving suburbs remains very high which is likely to keep prices at or near their high points. Most experts don’t anticipate prices decreasing in the near future, so we recommend you seriously consider buying now—don’t wait until home prices jump back up!
We understand that purchasing a home is a huge decision, and not one that should be made out of fear or panic. That’s why it’s important to work with a realtor who understands your unique needs, concerns and aspirations for your next home. Give us a chance to talk with you about why right now is absolutely the best time to buy in order to get a good price, lower rate and the perfect home for you.
Space Simply agents would love to talk with you. Contact us today with a quick note or give us a call at 515-423-0899. Let’s go find your dream home!
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