If you’ve been considering making a new home purchase, whether you’re looking to buy your first home or are a seasoned investor, you’ve probably seen many news stories about the current challenges in the real estate market. While many buyers have been discouraged from making a purchase, the truth is, it’s still a great time to buy a house! Here in Vancouver WA, demand is dropping – which means prices are, too. If you want to buy your dream house at a great price, the summer of 2023 is the time to do it.
Why is Now a Good Time to Buy a House?
Most often we see home prices rise incrementally over time, unlike what we saw in 2020 and 2021. However, prices tend to level off when there is a lack of demand. In some cases – like right now – the prices will decline in price in what’s referred to as “market correction”. Buying a home during the current market correction offers a lot of benefits, such as:
- Lower purchasing prices: Due to the decrease in demand, many sellers are lowering their prices as a way to entice buyers. That means you can scoop up your dream house for a much lower price than if you were to buy when the demand is high.
- Opportunity to refinance in the future: Don’t let interest rates scare you off! Though mortgage interest rates are higher than the historic lows we’ve seen in recent years, they are still considerably low. Buying now while prices are declining and refinancing to a better rate later on will allow you to save money in the long run.
- More inventory to choose from: Since fewer people are buying homes right now, you’ll have more houses to choose from. You can be a little pickier about the features, amenities, and location when shopping for your ideal property.
- Less competition from other buyers: Nothing’s more discouraging than falling in love with a home, making an offer, and watching it go to a different buyer. With the decrease in demand, you won’t have to worry as much about competing with other buyers for the house you want.
- Opportunities to negotiate more favorable terms: With a decrease in people shopping for houses, sellers are more likely to change their terms to entice buyers. You may be able to negotiate better terms in your offer, such as repairs or interest rate buy-downs… all at a price that’s within your budget!
Find Your Dream Home Today
Whether you’re a first-time buyer or you’re adding to an investment portfolio, Zenith Properties will simplify the process! With over 30 years of experience serving the Vancouver WA area, we know the ins and outs of our local markets. Our team can help you find the perfect neighborhood and home for your lifestyle, budget, and needs. We’re here to walk you through each step of the home-buying process, guaranteeing you receive personalized and responsive service! To learn more or get started, give us a call today.
Is it a Good Time to Buy a House? (2023)
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