Trying To Buy a Home? Hang in There.

We’re still in a sellers’ market. And if you’re looking to buy a home, that means you’re likely facing some unique challenges, like difficulty finding a home and volatile mortgage rates. But keep in mind, there are some benefits to being a buyer in today’s market that give you good reason to stick with your search. Here are a few of them. #### Long-Term Benefits Outweigh Short-Term Challenges Owning a home grows your net worth – and since building that wealth takes time, it makes sense to start as soon as you can. If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity. _Freddie Mac_ [puts](https://myhome.freddiemac.com/blog/homeownership/4-benefits-owning-home) it this way: ###### _“Homeownership not only builds a sense of pride and accomplishment,_ _but it’s also an important step toward achieving long-term financial stability__.”_ The key there is _long-term_ because the financial benefits homeownership provides, like home value appreciation and equity, grow over time. Those benefits are worth the short-term challenges today’s sellers’ market presents. #### Mortgage Rates Are Constantly Changing Mortgage rates have been hovering around 6.5% over the last several months. However, as Sam Khater, Chief Economist at _Freddie Mac_, [notes](https://www.mpamag.com/us/mortgage-industry/market-updates/mortgage-rates-slide-again-says-freddie-mac/441427), they’ve been coming down some recently: ###### _“Economic uncertainty_ _continues to bring mortgage rates down__. Over the last several weeks, declining rates have brought borrowers back to the market . . .”_ Lower mortgage rates improve your purchasing power when you buy, and that can help make homeownership more affordable. Hannah Jones, Economic Data Analyst at _realtor.com_, [explains](https://money.usnews.com/loans/mortgages/articles/mortgage-market-news-march-30-2023): ###### _“As we move into the spring buying season,_ _mortgage rates have ticked lower, a welcomed sign of progress towards affordability__.”_ The recent drop in mortgage rates is good news if you couldn’t afford to buy a home when they peaked. #### Home Prices Will Increase According to the [_Home Price Expectation Survey_](https://pulsenomics.com/surveys/#home-price-expectations), which polls over 100 real estate experts, home values will go up steadily over the next few years after a slight decline this year (_see graph below_): [](https://files.keepingcurrentmatters.com/content/images/20230405/20230406-estimated-home-price-performance-MEM.png) Rising home prices in the coming years means two things for you as a buyer: - Waiting to buy a home could mean it’ll become more expensive to do so. - Buying now means the value of your home, and your net worth, will likely grow over time. ### Bottom Line If you’ve been trying to buy a home, hang in there. Mortgage rates have ticked down some recently, home prices are forecast to increase in the coming years, and the long-term benefits of homeownership outweigh many of the short-term challenges. Posted by [Ryan Drowne](https://www.thedavidgreengroup.com/blog/author/ryandrowne/) on April 6th, 2023 Enjoy this blog post? Click here to subscribe for updates [Facebook Share this post on Facebook](https://www.thedavidgreengroup.com/blog/httpswwwsimplifyingthemarketcomen20230406trying-to-buy-a-home-hang-in-therea713258-9a8342bcf82102701.html# "Share this post on Facebook") Twitter Tweet this post on Twitter [Email Send a link to post via Email](mailto:?subject=Trying%20To%20Buy%20a%20Home%3F%20Hang%20in%20There.&body=I%20was%20looking%20at%20https%3A%2F%2Fwww.thedavidgreengroup.com%2Fblog%2F%20and%20I%20thought%20you%20would%20like%20to%20look%20at%20this%20blog%20entry%3A%0D%0Ahttps%3A%2F%2Fwww.thedavidgreengroup.com%2Fblog%2Fhttpswwwsimplifyingthemarketcomen20230406trying-to-buy-a-home-hang-in-therea713258-9a8342bcf82102701.html "Send a link to post via Email")[](https://www.thedavidgreengroup.com/blog/httpswwwsimplifyingthemarketcomen20230406trying-to-buy-a-home-hang-in-therea713258-9a8342bcf82102701/print.html "Opens new window with print ready page") ### Leave A Comment Leave text box empty Full Name\- required Email Address\- required Website Link e.g. yourwebsitename.com Comment\- required Submit Comment Please note that your email address is kept private upon posting. Chatra reCAPTCHA Recaptcha requires verification. [Privacy](https://www.google.com/intl/en/policies/privacy/) - [Terms](https://www.google.com/intl/en/policies/terms/) protected by **reCAPTCHA** [Privacy](https://www.google.com/intl/en/policies/privacy/) - [Terms](https://www.google.com/intl/en/policies/terms/)