{"id":4768,"date":"2023-04-06T05:30:00","date_gmt":"2023-04-06T10:30:00","guid":{"rendered":"https:\/\/nwiloanguy.com\/blog\/trying-to-buy-a-home-hang-in-there\/"},"modified":"2023-04-06T05:30:00","modified_gmt":"2023-04-06T10:30:00","slug":"trying-to-buy-a-home-hang-in-there","status":"publish","type":"post","link":"https:\/\/nwiloanguy.com\/blog\/trying-to-buy-a-home-hang-in-there\/","title":{"rendered":"Trying To Buy a Home? Hang in There."},"content":{"rendered":"

\"Trying<\/p>\n

We\u2019re still in a sellers\u2019 market. And if you\u2019re looking to buy a home, that means you\u2019re likely facing some unique challenges, like difficulty finding a home and volatile mortgage rates. But keep in mind, there are some benefits to being a buyer in today\u2019s market that give you good reason to stick with your search. Here are a few of them.<\/p>\n

Long-Term Benefits Outweigh Short-Term Challenges<\/strong><\/h4>\n

Owning a home grows your net worth \u2013 and since building that wealth takes time, it makes sense to start as soon as you can. If you wait to buy and keep renting, you\u2019ll miss out on those monthly housing payments going toward your home equity. Freddie Mac<\/em> puts<\/a> it this way:<\/p>\n

\u201cHomeownership not only builds a sense of pride and accomplishment, <\/em>but it\u2019s also an important step toward achieving long-term financial stability<\/em><\/strong>.\u201d<\/em><\/p><\/blockquote>\n

The key there is long-term<\/em> because the financial benefits homeownership provides, like home value appreciation and equity, grow over time. Those benefits are worth the short-term challenges today\u2019s sellers\u2019 market presents.<\/p>\n

Mortgage Rates Are Constantly Changing<\/strong><\/h4>\n

Mortgage rates have been hovering around 6.5% over the last several months. However, as Sam Khater, Chief Economist at Freddie Mac<\/em>, notes<\/a>, they\u2019ve been coming down some recently:<\/p>\n

\u201cEconomic uncertainty <\/em>continues to bring mortgage rates down<\/em><\/strong>. Over the last several weeks, declining rates have brought borrowers back to the market . . .\u201d<\/em><\/p><\/blockquote>\n

Lower mortgage rates improve your purchasing power when you buy, and that can help make homeownership more affordable. Hannah Jones, Economic Data Analyst at realtor.com<\/em>, explains<\/a>:<\/p>\n

\u201cAs we move into the spring buying season, <\/em>mortgage rates have ticked lower, a welcomed sign of progress towards affordability<\/em><\/strong>.\u201d<\/em><\/p><\/blockquote>\n

The recent drop in mortgage rates is good news if you couldn\u2019t afford to buy a home when they peaked.<\/p>\n

Home Prices Will Increase<\/strong><\/h4>\n

According to the Home Price Expectation Survey<\/em><\/a>, which polls over 100 real estate experts, home values will go up steadily over the next few years after a slight decline this year (see graph below<\/em>):<\/p>\n

<\/a><\/p>\n

Rising home prices in the coming years means two things for you as a buyer:<\/p>\n