Trying to Buy a Home? Hang in There!

In today's tough housing market for buyers, it can be challenging to find a home and deal with changing mortgage rates. But don't lose hope -- there are some benefits to today's market that are great reasons to stick with your search:

1. Long-Term Benefits Outweigh Short-Term Challenges. Owning a home is a great way to grow your wealth over time! And that starts the moment you own, so the sooner the better. When you rent, you miss out on building equity with your monthly payments yet you're still making them. As Freddie Mac says, owning a home not only makes you proud, but it's also a crucial step towards long-term financial stability.

2. Mortgage Rates Are Constantly Changing. And here's some good news: mortgage rates have actually been going down recently, which means buying a home could be more affordable! Lower rates can increase your purchasing power making it easier to buy a home. Over the last several weeks, declining rates have brought borrowers back to the market -- while there is still competition, it's not nearly as stiff as it has been the last few years.

3. Home Prices Will Increase. Experts predict that home prices will go up steadily in the coming years, after a small dip this year. So waiting to buy a home could mean paying more in the future, while buying now could mean your home value and net worth could grow over time.

In a nutshell, even though the housing market can be tough for buyers right now, there are still long-term benefits to owning a home. Lower mortgage rates, potential home value appreciation, and the chance to build your net worth over time are all good reasons to keep searching for your perfect home. Contact us for more information or to begin your home-buying journey!