2021 was a banner year for housing, fueled by record low interest rates, strong demand, and a low supply of homes.
Some buyers may be wondering if they are late to the party, or if it’s still a good time to purchase a home.
The answer is YES, it’s still a good time to buy…it’s not to late!
Sure, the market is tight, but interest rates are still remarkably low and homeownership has some fantastic perks!
Today’s Market…and Looking Forward
Experts expect demand to increase over the next several years as more millennials turn of age to buy a home. At the same time, inventory is expected to remain extremely tight.
Builders are struggling to deliver homes with labor and chip shortages, as well as supply chain disruptions. Like any market, strong demand and tight supply is very supportive of home prices.
Additionally, interest rates are still extremely favorable. Yes, they have moved a bit higher from record-low levels (due mainly to inflationary pressures), but are still historically super low.
What’s The Next Step?
If you are considering purchasing a home, conditions are a bit challenging because of low inventory. At the same time, the rewards can be substantial, as the home values are expected to continue increasing!
Contact me to see the opportunity you have in becoming a homeowner, as it would be my pleasure to help you!
