Key Advantages of Buying a Home Today

Key Advantages of Buying a Home Today

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 homes for sale has grown significantly compared to where we started the year (see graph below):

the-supply-of-homes-for-sale-has-grown-MEM

 

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):

Key Advantages of Buying a Home Today | MyKCM

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. 

Global Connections

Over 140,000 Agents Worldwide in over 110+ countries you can be assured your home will be seen around the world.

Market Share

RE/MAX Gold enjoys a near 3 to 1 market share advantage. This means 1 our of every three homes is a Gold Nation Home

$3.5+ Billion

With over 50 years local market sales and over $3.5+ billion sold you can trust your dealing with experts who will get it done

Happy Campers

Check our reviews. Our client's love us. We put in the work, and always put you first. Trust, integrity, honesty and passion!

If you live here already, you know how blessed we are. If you’re considering living or investing here, you’ve probably experienced some of the area’s extraordinary possibilities: country settings and small-town communities; enthralling agricultural beauty, and true farm to fork lifestyle, If Northern California is your real estate destination, you’ve arrived at the right spot. Whether you’re looking to buy your first home – or to sell an estate – expect nothing less from us than a Meritage blend of real estate expertise, professional service, creativity, and a passion for achieving your goals. 

What Our Beautiful Happy Clients Say

Mike Martin and The Elite Partners were a great help in finding our first home , he answered all our questions and was honest on what he could and couldn’t do. When we contacted him he got back to us within a few hours which was great , it made the whole process less stressful and fore the most part pretty easy. We love our new home and would happily recommend Mike and the RE/MAX Elite Partners.

-Jason & Amanda

Steve Cohn is an excellent realtor. When my wife and I were buying our first home he was eager to help. He knows and understands the process of buying a home as well as the market very well. Steve and the RE/MAX Elite Partners were responsive and helped us out the whole way through. I will surely use him in the future and have recommended him to a number of people already.

-Melissa & Steve

It was a pleasure to work with Victoria to sell our first home. She was very knowledgeable and helped us through the hole processes. She made sure we understood what was happening and what we needed to do as sellers. If we were staying in the area we would have helped her find our new home as well. She and The Elite Partners were able to refer us to another great agent when we purchased our next home. I highly recommend her if you are looking to buy or sell your home.

-Rachel Demario

HOME VALUE REQUEST

707.580.3499

Need immediate assistance with your real estate needs? Call or text us now.

Become an Insider and gain access to off-market opportunities

Get Inside Now

Connecting with thousands of real estate practitioners around the globe affords us lots of off-market opportunities. There is no fee to become and insider. Just use the form to the right and sign up.