3 Reasons to Buy a Home Now Rather Than Wait

Since the beginning of the pandemic, America’s been in a housing crisis like we’ve never seen before. People from big cities with plenty of capital came and shook up various small towns, driving housing prices up. The average home cost has nearly doubled in some cities. 

If you’ve been waiting for the housing market to cool off and are getting impatient, that’s understandable. At Fox Capital, we work to get you the best deal we can get. 

Three reasons to buy now rather than wait:

1. You plan on staying in the area 5+ years

Buying a home is almost always considered a long-term investment. The longer you stay in your house, the more it makes sense financially for you to buy a house rather than rent. Between realtor fees, closing costs, etc., it takes a fair chunk of change to buy (and sell) a home. If you can stay in each home you own for 10 years, instead of 5 years, those upfront costs get spread out over more years, making it less of a dramatic hit to your savings. 

2. Your rent keeps increasing

While a mortgage is a long-term commitment, it does come with a few perks. One of those is that your living costs, unlike renting, will be stable for 15 or even 30 years, depending on your mortgage. Once you lock in a mortgage rate and sign your loan, you can know what to expect to pay for every mortgage payment until your house is paid off in full. That stability is astoundingly different from renters who can have multiple rent increases within a few years. “In the 50 largest U.S. metro areas, median rent rose an astounding 19.3% from December 2020 to December 2021, according to a Realtor.com analysis of properties with two or fewer bedrooms.” (LA Times) 19% makes a $1000 rental payment equal $1190 which could mean less money going towards utilities, student loans, or even groceries. 

3. Nobody can accurately predict the future

For as many economic analysts that say the housing market will be trending downwards soon, there are just as many experts saying that this housing market is here to stay, or will only keep going up. Nobody knows who is right. There are too many variables. If the pandemic has taught us one thing, it should be to expect the unexpected. 

Only you can determine if it’s the right time to buy a house. Get a full view of your financial standing, evaluate your job situation, and assess your current living situation. Perhaps you’re hoping to land a remote job soon. It wouldn’t make much sense for you to buy a house if you’re not tied to the local community with your job. On the other hand, if your family is expanding and you can’t fit another single thing into your storage unit–perhaps now is the time to start house hunting. At Fox Capital, we’re here to serve you and meet your needs – connect with us today!