Why "Now" is the Best Time to Buy
In 2024, home price appreciation has remained a key focus for potential homebuyers, with varying predictions about the direction of the market. The S&P CoreLogic Case-Shiller U.S. National Home Price Index is up again, registering a 5.9% year-over-year gain in May. Year to date, the home price index has increased 4.1%, the fasted start in two years. Brian D. Luke, head of commodities, real & digital assets at S&P Global says that Brian D. Luke, head of commodities, real & digital assets at S&P Global.*
Given these dynamics, the strategy of "marry the house, date the rate" has become increasingly relevant. This concept emphasizes the importance of securing your desired home now, rather than waiting for mortgage rates to drop. The reasoning is straightforward: while you can refinance your mortgage if rates decrease in the future, the purchase price of your home is locked in once you buy. This is crucial because home prices, even if they experience slight fluctuations, are generally expected to remain high due to the ongoing demand and supply imbalances.
For potential buyers, this means that delaying a purchase in hopes of lower rates could result in missing out on your ideal home or paying a higher price later. As mortgage rates begin to trend downward from their 2023 highs, now might be the opportune time to purchase and take advantage of future refinancing opportunities.
Above all, it is important to remember you cannot time the market. Many areas in Texas have not seen the same appreciation highs as the rest of the nation. This is where the expert advice of a trusted First Financial Mortgage lender can help. We know our markets and industry trends. So, if you have the desire to buy a home, call us today to get pre-qualified and talk through the best options for you. We are always here to help!
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*https://www.scotsmanguide.com/news/case-shiller-index-up-again-what-it-means-for-the-housing-market/