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You may be wondering if buying a new home in this market is a wise decision. We gathered data from real estate experts in West Texas and beyond to help you make an informed and confident decision.
With Inflation and Interest Rates, Why Would I Buy a New Home Now?
A few years ago, the housing market was buzzing with activity. Bidding wars led to higher price tags as buyers were trying to take advantage of historically low interest rates. Today we're seeing higher, yet more normal interest rates. But waiting for rates to fall could be a costly decision.
“A buyer should always consider the cost of waiting,” says Whitney Chaney, a Loan Officer with Cardinal Financial. “While rates may be higher than they were during the pandemic, there is always the opportunity to refinance the home later for a lower interest rate when it makes sense. Going ahead and purchasing now ensures that a buyer doesn't have to worry about increased costs to buy in the future.”
What Will Home Prices Do in the Future?
Though increasing home prices are calming, the value of homes continues to rise (and real estate experts like Dave Ramsey think they’ll rise for years to come). Demand for homes is still higher than the number of homes available and will be for some time.
So, Should I Buy a New Home Now?
Of course! Real estate is always a good investment because it is always increasing in value. Start with what you can afford NOW and watch your equity grow.
We also work with preferred loan officers who can help you afford more home with options like interest rate buy-downs (creating lower monthly payments) or down payment and closing cost assistance.
In addition, Betenbough Homes is offering up to $5,000 as a financial gift to all new home buyers for a limited time! If you’re in the market for a home, here are some reasons you should consider buying a new one!
