As a potential first-time homebuyer, the current housing market might be discouraging. But, right now might actually be a more opportune time to purchase a home than last year.
There is less pressure on the market right now than there was this time last year, so bidding wars that drive the cost of homes up are less likely. Furthermore, you have more room to breathe and search for the right home for you, rather than rushing into a home purchase because of market pressures. You can also avoid other seller stipulations, like having to waive inspections.
All that said, the most crucial benefit here is this: homeownership. The benefits of homeownership vastly outweigh any potential cons of the current real estate market. If you're in a rental right now, you're making monthly payments to something that won't get you any return on investment. Whereas, if you purchase a home, your monthly mortgage payment goes towards something you own. You get your money back when you sell, plus any equity built up in your property.
By owning, you have the stability of knowing what your monthly mortgage payment will be. You don't have to worry about rent increases when you renew your lease or your landlord selling your property to someone else. Homeownership comes with the security and stability that you would not find while renting. You also have the freedom to renovate, DIY, and customize to your heart's desire. Yet another perk of homeownership.
Buying now means that you get a return on your investment later, and you have the unique benefit of a less pressurized market now that buyers didn't have last year. You also get to create a home for yourself without the limitations of renting. Set yourself up for success in the purchase process by getting preapproved. Visit our Home Loans page, and our phenomenal lending team will help get you started.