Is Now the Right Time to Buy a House?
The question of whether it’s the right time to buy a house is complex and personal. However, current market conditions suggest it might be a favorable time. Several leading agents and financial professionals highlight that high demand and low supply mean opportunities shouldn’t be missed, even if mortgage conditions might improve in the future. “If it fits your needs, now is the time to buy,” industry professionals advise.
Positive Market Trends in Early 2024
The housing market has shown positive signs in early 2024. Significant purchase activity and the launch of new projects, indicating active demand. Initial expectations for a slowdown in transactions have been exceeded by a more dynamic demand than anticipated.
Why Now Could Be the Best Time
Personal factors should primarily drive the decision to buy a home, such as job stability, savings, and basic needs. However, current market conditions—active demand and limited supply—make now an opportune time. Prices are expected to continue rising, making waiting potentially costly or even the elimination of certain property/price brackets.
Interest Rates and Market Conditions
Interest rates are expected to drop before summer, but waiting might result in missed opportunities due to low stock levels. Financial institutions are already improving mortgage conditions in anticipation of rate drops, says Barroso of Savills.
Some agents might say “The best time to buy was yesterday, and the second best time is today.” With mortgage market adjustments already in play, waiting might not yield better opportunities. But only buy if you think it’s your time. Yes you might miss out on an opportunity, but we want you to buy when the time is right for you.
Expert Advice on New Builds and Second-Hand Properties
New builds tend to be more profitable when bought early in the construction phase. This principle also applies to second-hand properties due to inflation and rising prices and even with a potential gradual decline in rates, tight supply means limited options for buyers.
So, if you come across a property that suits your needs and fits within your budget, it’s wise to consider purchasing now instead of holding out for possibly improved market conditions. Evaluate your personal requirements and the current state of the market to make a well-informed decision.
