real estate market
The right time to buy can be subject to each person and each situation, however, what I can share without a doubt is that In the past 3 months, we have seen a more stabilized real estate market with tax rates holding in the 6’s % rate and price homes selling around the asking price in an average time of 2 months, therefore we now have inventory moving at a slower pace because buyers are still waiting to hear better news.
According to the National Association of Realtors (NAR) Chief Economist Lawrence Yun, reacts to the March inflation report by saying "Calmer inflation means lower mortgage rates, eventually" This is in reference to the 5% consumer price inflation in March; according to him, this is a steady improvement from the 9% last summer, 8% in autumn, 7% during Christmas, and 6% in the early months of this year. He also mentioned that the ideal inflation of 2% can be still a year away, but this directional improvement is a clear signal to the Fed to change it is tightening monetary policy. He predicts that Mortgage interest rates can more likely slip under the 6% rate towards the end of the year.
With all the above the answer is yes, in my opinion, this is the best time to buy because, even though there is still a lack of inventory, we have homes sitting on the market for more days than before, motivated sellers, buyers hesitating and waiting for a brighter green light, which means you won't have much of a competition and a reasonable interest rate that is still historically low. My advice is to buy now, secure the property that makes more sense to you, and enjoy the feeling of creating equity as a homeowner!
Well then, you just refinance the loan! The point is to take advantage of the steady market not having many buyers chasing a house and therefore avoid a "bidding war" and lock a good interest rate before other buyers start to feel confident by rates going lower.
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