Is now the best time to buy?

Interest rates are up and some are not taking the chance on even higher rates and buying now. +  There is still more demand for homes versus supply keeping home prices high.

On the flipside, many middle-class baby boomers are selling their homes and retiring out of state where it’s more affordable to live on a fixed retirement.  This puts more inventory on the market.  Add to that higher interest rates with home prices already unaffordable to most and this triple whammy could produce more homes for sale versus buyers which could switch the market to a buyers market over the next year or two.  

In conclusion, there is evidence home prices have stabilized and may drop a little over the next 4 to 24 months.  There is also good historical evidence to believe that over longer periods of time, home prices will rise due to inflation.  If you plan on staying in your new home 10 or more years and you like the neighborhood, it’s a good time to buy.

If history taught us anything about real estate, it’s prices go up and down over short periods but  always go up over the long haul.