Is now a good time to buy a home?

Many prospective homebuyers often look for the ideal moment to buy a home. To help our members make the best decision at the right moment, we asked real estate professionals* for their advice.

A seasoned expert after 16 years of working as a realtor, Arturo Cruz, from Compass Real Estate, has a thoughtful answer when asked if now, in the current high-interest market, is still a good time to buy a home: “In most cases the answer is yes! The market remains competitive, and we advise our clients on being prepared, having patience and real expectations on price.”

Lee Murphy, realtor with Washington Fine Properties, emphasizes that deciding to buy is dependent on the client’s life situation and can be a smart investment. “You’ve just transferred into town and plan to be here for many years.  You hate the idea of renting and think it is a waste to throw money down the drain year after year.” If you own a home, it is likely to “grow in value over time, and to make money for you.” 

Toni Ghazi, realtor from Toni A. Ghazi Group, advises his clients to buy a home if they have the down-payment and can afford the monthly payment without putting a strain on their lifestyle. “At the very least, part of the monthly mortgage payment that you are making each month is going into equity – creating a savings account for you,” explains Ghazi. This advice, he adds, also takes into consideration that the home price usually appreciates, adding even more to your equity. Renovations and upgrades done while living in the home also add to its value.  

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Renting is Expensive

The cost of renting in the DC metro area is remarkably high, but Cruz points out that real estate appreciation has surpassed the beginning of the year forecasts. “With rental rates continuing to climb, perhaps investing in your home is not a bad idea,” says Cruz. 

 

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Pay a Fair Price

Attorney Chad Older, from Peak Settlements, prefers to buy a home when rates are higher and there is less competition for the property. “Even if there are multiple offers, it is better to compete against 10 other offers than 20,” says Older. “There are also things to consider that are not market driven. On a home that a buyer will live in, there must be consideration for peace of mind and enjoyment.” 

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Refinance it Later

It is important to remember that homeowners can always refinance their mortgages in the future. 

 

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It’s Your Call

There are many reasons to buy a home today, but only you can determine if it is the right time. When you are ready to embark upon a homeowner’s  journey, BFSFCU is here to help. We are versed in lending to members with little or no credit history in the United States and will work to find the best home financing solution for you. If you are ready to take the next step, or simply want to find out what are your options, schedule an appointment with our lending team and let us help you get there. 

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*External real estate professionals were invited to participate on this article. BFSFCU receives no compensation. BFSFCU does not endorse, recommend, or favor any views expressed, or products or services offered by these presenters. Any views or opinions expressed, materials or information provided are solely those of the speaker and provided for informational purposes only. BFSFCU does not provide tax, legal or investment advice. Your situation may vary, please consult your own advisor.

 

BFSFCU does not endorse, recommend, or favor any views or opinions expressed by the real estate agents and provided for informational purposes only. BFSFCU receives no compensation.