It’s no secret that homeownership is a key part of building generational wealth, but with mortgage rates reaching highs we haven’t seen since 2008, it’s important to ask yourself if now is the right time to buy a house.
We’ve been in a seller’s market for years, with buyers competing for homes and often overpaying. However, things have cooled off recently, and data from Redfin shows that 64,000 home purchase agreements fell through in August. This tells us that buyers are taking their time and exploring all of their options before making a decision. With mortgage rates at 6.29%, it’s important to weigh all of your options before jumping into the housing market!
Of course, there’s no one-size-fits-all answer to this question. It depends on your personal financial situation and your long-term goals. However, if you’re thinking about buying a house in the near future, it’s important to stay up-to-date on the latest market trends so you can make the best decision for your unique situation.
The economy will most likely get worse before it gets better therefore, interest rates will probably increase in the near future.
Here are some DC Real Estate professionals who can help you through the process.
REAL ESTATE AGENTS
MORTGAGE LOAN OFFICERS
What do you think? Is now the right time to buy a house? Or are you waiting for mortgage rates to go down? We want to hear from you in the comments!