Why Now is the Time to Buy a House!

Buy a house now, you must be crazy. Don't you know that home prices are going to keep falling, I wouldn't buy now. Many people would respond to you that way if you told them "Now is a great time to buy a house."

As Realtors, Chantal & I get strange looks all the time when we are talking to people about how now is a great buying opportunity. Plenty of supply, lower prices, and low mortgage rates create what could be one of the best buying opportunities to present itself in the last decade. Gone are the days where you better have pen in hand when you saw a house you liked, because... there is another showing later in the day. Current supply allows buyers an opportunity to view many homes and weigh their options; making the best choice for them. Currently, home prices in Basking Ridge are off about 12%-15% from their peak levels. Mortgage Rates, while not at their lowest levels, are at historically low levels. This adds up to a tremendous opportunity!

But aren't Home prices forecasted to continue to fall? Yes, they are. But, it might not be in your best interest to wait. While home prices should continue to decline, mortgage rates are forecasted to increase at a rate that will negate, the forecasted price declines. In fact, by waiting for those lower home prices, higher mortgage rates may cause you to pay more for your house in the long run than buying in today's market environment.