Long-Term Benefits Outweigh Short-Term Challenges
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.
“Homeownership not only builds a sense of pride and accomplishment, but it’s also an important step toward achieving long-term financial stability.”
Mortgage Rates Are Constantly Changing
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:
“Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market . . .”
The recent drop in mortgage rates is good news if you couldn’t afford to buy a home when they peaked.
“As we move into the spring buying season, mortgage rates have ticked lower, a welcomed sign of progress towards affordability.”
Home Prices Will Increase
- 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.