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Should I Buy A Home Now? Or Should I Wait For Prices To Go Down?

“Should I buy a home now?”

We get this question a lot. Half the time, it’s because someone is waiting for housing prices to drop.

While there are certainly a lot of things to consider when buying a home, our view, as many realtors say, is, “NOW is always a good time to buy.”

Still, it’s understandable if you’re on the fence about getting a home. Your finances, the availability of homes in your area, issues in your personal life—these are some reasons that could keep you from taking the next step.

To help you decide if you should buy a home right now, let’s look at a few key areas.

PS If you are ready to buy a home or are looking for homes with great value, check out our article Las Vegas Homes For Sale With Pools (2022). Pool homes make a potentially great investment in Nevada.

The Big Factor To Consider When Buying A Home

Before buying a home in Las Vegas, it’s obviously very important to carefully consider your finances.

Do you have a stable job and the ability to cover monthly mortgage payments and other costs?

Ultimately, only you can answer this question and decide whether or not buying a home is doable. But if you’re looking for some guidance, a real estate professional like Aaron Taylor can help you weigh your options and make an informed decision.

Call us today at (702) 310-6683 to get started.

Current Mortgage Rates

In the last few years, mortgage rates have hit historic lows, making now a great time to buy a home.

Locking in a low rate may be a compelling reason for you to commit. Many people are doing so.

While the market is not totally predictable, we do expect mortgage rates to rise significantly in 2023 and 2024, erasing the current opportunity.

Mortgage rates are already hovering around 5 to 6 percent, which is the highest they’ve been since the end of 2018.

Other Reasons To Buy A Home

Investment – One of the more compelling reasons to buy a home is that it’s a great investment. With the right research, it’s possible to find a home that will significantly increase in value over the next several years.

Financial Benefits – Another reason to buy a home is that it allows you to take advantage of certain financial benefits, such as tax breaks.

Stability – Buying a home provides you with stability and security and helps you feel more rooted in your community.

Credit Requirements When Buying A Home

Credit requirements when buying a home have become more lenient in recent years, making it easier for buyers to qualify for mortgages.

In the past, you needed a credit score of 600 to 700 to get a loan. Now, you might be able to qualify with a score as low as 580.

The requirements for making a down payment have also become more flexible. In the past, you might have needed to make a down payment of 20% or more. Now there are programs available that allow you to put down as little as 3.5%.

These changes have made it possible for many people to buy homes who would otherwise not be able to. Given current trends, if you’re concerned about qualifying, we still encourage you to check into what’s available.

The Real Estate Guy Can Help You Buy The Perfect Home

Whether you’re looking for a single-family home, multi-family home, townhome, or even a luxury villa, we can help you find the perfect home that fits your needs and budget.

Contact us today to start your journey to homeownership.