Why now is actually a good time to buy a house

Sat, 10/21/2023 - 08:15

Home for sale — There's an argument to be made that buyers shouldn't wait for rates or prices to drop, and to stay in the market even as affordability looks strained.
AP

Contrary to what many are saying, it might not be a bad time to buy a house.
That's because buyers waiting for rates to drop may be waiting a long time.
When mortgage rates do go down, competition and demand will come roaring back.

By many metrics, the US housing market has never been more unaffordable, and all of the prevailing wisdom right now says buyers should wait it out, either for mortgage rates to drop or prices to come down.

And yet, there's an argument to be made for getting in now if you can find something, even amid 20-year high mortgage rates and stubbornly high prices.