Could Right Now Be a Better Time Than You Think to Purchase a Home?

Filed under: Market Comentary

Is right now a better time than you think to purchase a home? You’ve heard me say this many times lately, but I’m going to share the reminder: right now, there are many headlines that make it seem like a bad time to buy. But it might not be accurate.

Looking at Real Estate History

First off, I think about what happened during 2005 – 2006. We can see now that it was a terrible time to buy. But, at the time, everyone was saying that you were crazy for not investing in real estate. We all know how that turned out!

Fast forward to 2010-2011. At the time, people were saying that it was crazy to buy real estate. Many people were convinced that a real estate purchase during those years would result in a money loss. We also know how that turned out: anybody who bought in these years and held on for a few years had a great return. They were buying houses for less than $100 per foot, and now we are seeing houses here in Temecula for $300 per foot. Do that math!

We can even rewind to 6 months to a year ago compared to today’s market. At the time, everyone was feeling the pressure to buy. Now, people are freaking out because of the industry changes that keep happening.

The Real Answer

Here’s what I think the real answer is: the year doesn’t matter… if you buy real estate and hold onto it, then it will work out for you every time. That’s the magic of amortization and appreciation over a long period of time.

What I wonder about in the current window right now: if you are convinced (like I am) that interest rates are going to come down because inflation will come down in the next 6 – 12 months, then we will see a new frenzy of homebuyers. There are always people who want to buy and we still have a shortage of homes, even with the current interest rates.

People are sitting on the sidelines because they can’t afford it or they are scared. When we see rates coming back down, then the market will take off again.

We’re in a window right now where there is a decent amount of inventory and buyers are offering much better deals. Even though it might seem counter-intuitive and buying can be scary, I challenge you to consider whether it’s a better time than you think.

If you want to look at the numbers, then reach out to me any time. I’m always here to help!

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