Should I buy a house in Today’s Market?
June 25, 2021
In short the answer is yes. There are several contributing factors to this conclusion and here are the 4 most important.
Prices Will Rise
Housing prices will continue to rise, although they will level off to a more reasonable rate of increase. The current rate of increase is not sustainable but as the cost of lumber, we have all heard about that one, Wallboard, Windows, and now cement are increasing in prices so will new construction and the already built housing market will follow.
Interest Rates are Low
Interest rates are still low, albeit rising slowly, and there are plenty of jobs available as the country and the economy continue to open and recover from the COVID pandemic.
Housing Inventory is Low
Housing inventory is predicted to remain low for the next several years due to the low number of new building starts. Reasons for this include lack of skilled labor, cost of building supplies and inability to get building supplies in a timely manner.
No Housing Bubble
Contrary to current speculation we are NOT in a housing bubble that is going to burst! The last housing crash was brought on by lax lending standards allowing too many people to purchase homes they could not afford which in turn drove prices up to ridiculous levels almost overnight. Home purchasers today must meet much more rigid lending standards to show they can afford the payments on the homes at today’s prices.
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