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How Smart Is It to Buy a Home Right Now?

Key takeaways:

  • Even if you’re on the fence about buying a home, now is the time to seriously consider making a move.
  • As prices and mortgage rates increase throughout 2021, you could end up paying more for a home if you decide to wait.
  • If you’re ready to buy or sell your home in the Triangle, contact Linda Craft & Team at 919-235-0007 to take advantage of today’s hot market.

Why Now Is the Time to Buy a Home

Whether you’re saving up for your first house or thinking about selling your current one, you’ve probably wondered if now is the right time to make a move. Despite the ongoing pandemic, the Triangle’s real estate market is hotter than ever. And as prices and mortgage rates continue to go up, waiting could cost more than you think.

Still on the fence about buying a home? Here’s what you need to know about 2021’s hot market.

From a financial standpoint, there’s never been a better time to move

Calculating how much it takes to buy a home

When deciding to buy now or wait until next year, the financial aspect of the purchase is easy to evaluate. You just need to ask yourself two questions:

  1. Do I think home values will be higher a year from now?
  2. Do I think mortgage rates will be higher a year from now?

If you answered “yes” to either one (or both!) of these questions, you shouldn’t delay your move for much longer. While it’s impossible to forecast what the market will be like by the end of 2021, most experts predict that mortgage rates and prices will continue to rise. And regardless of your financial situation, you’ll end up paying more should you choose to wait.

Waiting just a few months to buy can cost you thousands of dollars

Still not sure if now is the right time to buy? Here’s an example to put things into perspective. Let’s say:

  • Mortgage rates will be 3.18% at the end of the year
  • Home values will appreciate by 5.9%
  • You want to buy a home valued at $350,000 today
  • You decide on a 10% down payment
The cost of waiting to buy a home

Here’s the financial impact of waiting just one more year to buy a home:

  • You’ll pay an extra $20,650 for the house
  • You need an additional $2,065 for a down payment
  • You’ll pay an extra $116 per month in your mortgage payment ($1,392 additional per year)
  • You don’t gain the $20,650 increase in wealth through equity over time

Bottom Line: Don’t Delay Your Move!

It’s easy to feel overwhelmed by today’s ever-changing market—but with the right real estate agent by your side, every step of the transaction can be entirely stress-free. If you want to take advantage of prices and mortgage rates before they increase, give our team a call to get started. We’d be honored to put our 350+ years of experience to work for you!

Buy a Home with the Triangle’s Top Real Estate Team

Here at Linda Craft & Team, we’re committed to helping our clients achieve real estate success in the Triangle. Contact us at 919-235-0007 to talk to one of our agents, or head to our site for personalized buying and selling advice. We look forward to helping you start your next chapter!

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