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Key Advantages of Buying a Home Today

Reblogger John Juarez
Real Estate Agent with The Medford Real Estate Team DRE#01223788

I am re-blogging this excellent post because of it nation-wide applicability. The author is in Florida but what Walter says is pertinent to my market in the San Francisco Bay Area in California.

Original content by Walter DiLoreto SL3302417

There’s no doubt buying a home today is different than it was over the past couple of years, and the shift in the market has led to advantages for buyers today. Right now, there are specific reasons that make this housing market attractive for those who’ve thought about buying but have sidelined their search due to rising mortgage rates.

Buying a home in any market is a personal decision, and the best way to make that decision is to educate yourself on the facts, not following sensationalized headlines in the news today.  The reality is, headlines do more to terrify people thinking about buying a home than they do to clarify what’s actually going on with real estate.

Here are three reasons potential homebuyers should consider buying a home today.

1. More Homes Are for Sale Right Now

According to data from the National Association of Realtors (NAR), this year, the supply of homesfor sale has grown significantly compared to where we started the year (see graph below):

This growth has happened for two reasons: homeowners listing their homes for sale and homes staying on the market a bit longer as buyer demand has moderated in response to higher mortgage rates.

The good news for you is that more inventory means more homes to choose from. And when there are more homes on the market, you could also see less competition from other buyers because the peak frenzy of competing over the same home has eased too.

2. Home Prices Are Not Projected To Crash

Experts don’t believe home prices will crash like they did in 2008. Instead, home prices will moderate at various levels depending on the local market and the factors, like supply and demand, at play in that area. That’s why some experts are calling for slight appreciation and others are calling for slight depreciation (see graph below):

If you consider the big picture and average the expert forecasts for 2023 together, the expectation is for relatively flat or neutral price appreciation next year. So, if you’re worried about buying a home because you’re afraid home prices will crash like they did in 2008, rest assured that’s not what expert projections tell us.

3. Mortgage Rates Have Risen, but They Will Come Down

While mortgage rates have risen dramatically this year, the rapid increases we’ve seen have moderated in recent weeks as early signs hint that inflation may be easing slightly. Where they’ll go from here largely depends on what happens next with inflation. If inflation does truly begin to cool, mortgage rates may come down as a result.

When that happens, expect more buyers to jump back into the market. For you, that means you’ll once again face more competition. Buying your house now before more buyers reenter the market could help you get one step ahead. As Lawrence Yun, Chief Economist for NAR, says:

“The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.”

When mortgage rates come down, those waiting on the sidelines will jump back in. Your advantage is getting in before they do.

Bottom Line

If you’re thinking about buying a home, you should seriously consider the advantages today’s market offers. Let’s connect so you can make the dream of homeownership a reality. 

 

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Lake Mary, FL 32746
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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

John Excellent reblog, it applies to the Greater Los Angeles area too, Endre

Dec 07, 2022 10:52 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

There has been quite the drop just recently and I’m really hoping that does help a lot of people with that this holiday as well

Dec 07, 2022 11:58 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

John, even though the rates are higher now, they won't be forever, and inventory is plentiful and sellers are offering concessions.  GREAT time to buy.

Dec 08, 2022 06:24 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

This is a really good, honest assessment of the market today (and in the future). Rent is so high, I cannot come up with a reason not to buy!

Dec 08, 2022 07:06 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

A good post to re-blog, John. I agree with the 3 bullet points!

Jan 02, 2023 02:30 PM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for sharing this reblog selection.

Have a productive January.

Jan 18, 2023 11:03 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

John, thought I had seen some postings from you, but maybe not.   Hope your business is doing well.

Jan 22, 2023 07:47 AM
Roy Kelley
Retired - Gaithersburg, MD

Good Saturday afternoon, John.

Have an outstanding weekend.

Jan 28, 2023 10:48 AM
Patricia Feager, ABR,CRS,GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

John Juarez - Excellent reblog! I wish the best for you. 

Mar 01, 2023 01:33 PM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi John Juarez. It's a nice post to reblog. It definitely applies to our market her in South Texas too. Have a Blessed Week!

Mar 19, 2023 06:37 PM
Karen Martin Real estate agent Safe Harbor Realty
Safe Harbor Realty - Westport, MA
Westport, MA Realtor Helping Home Sellers & Buyers

thank you for re blogging this  Excellent Blog 

May 18, 2023 02:27 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

John, looks like you haven't posted for a while.  Thank you for stopping by my post.

May 24, 2023 06:23 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

It feels like ages are you still on the platform or you just stopped blogging or stopped interacting with me? Endre

May 26, 2023 09:07 PM
John Juarez

I keep telling myself I should post a blog but I just has not happened for a while, Endre Barath, Jr. 

May 27, 2023 01:39 PM
Roy Kelley
Retired - Gaithersburg, MD

Good Monday morning, John.

Have a great day and a very productive week.

Jun 12, 2023 05:18 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Where there is a will there is a way that is my cheap in expensive advice and people do call from the internet, Endre

Jun 18, 2023 11:09 PM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists
 Tried to find a recent entry written by you to comment on, but looks like you haven't posted for a while.  Thanks for stopping by my post the other day.
Jun 19, 2023 06:55 AM
Patricia Feager, ABR,CRS,GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

John Juarez - I hope your business is going well. You're a great guy and a very intelligent/experienced Agent too!

Buyers and Sellers would be wise to choose you!

Jun 19, 2023 05:51 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

John Juarez  we are looking for your next post:)Endre

Jun 24, 2023 09:30 PM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for your comments on my recent post.

Have an outstanding weekend.

Aug 26, 2023 09:27 AM
Barbara Michaluk
Weichert Realtors | Phone Direct 240-506-2434 | 301-681-0550 office - Silver Spring, MD
Leisure World Specialist / Full Service REALTOR

Hi John, I hope this weekend brings lots of activity for you in your real estate market.

Oct 06, 2023 05:49 AM