To buy, or not to buy—that is the question many a homebuyer has in mind considering today’s mortgage rates and housing market. Home prices are high, inventory is low, and everyone has their eye on what the Fed will do next. But, any time can be a good time to buy a house when you are confident that it: a) is the right next step for your goals and b) works for your finances.
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Should I buy a house now?
Buying a house is such a personal decision; while buying now may be a great option for Homebuyer A, Homebuyer B may be better off waiting. So, rather than waiting for the ideal buyers’ market to materialize, you should really be considering whether or not buying now aligns with your personal and financial goals.
How can you tell if you are ready to buy now? If you are ready to plant some roots, can afford closing costs and your income is stable, you may be ready to start your journey to homeownership. A good first step is to talk with a mortgage expert who can answer your questions about mortgage rates, the housing market, and all of your home loan options.
Want to know how a mortgage payment would compare to your monthly rent? A renting vs. buying calculator can help you discover the difference.
When is the best time to buy a house?
At some point in your homebuying journey, I bet at least one person has told you “timing is everything”. Well, they’re not wrong, but they’re not exactly right, either. Timing is just one aspect of buying a home and the best time to buy a house is different for everyone. Whether you want to buy a house tomorrow, or are doing your research to buy a home a year from now, the best time for you to buy should be when you feel comfortable with it.
Wondering how much home you can afford given today’s mortgage rates and housing market? Run the numbers with our free home affordability calculator.
Will housing prices drop in 2024?
Buying a house is a big ticket item and many homebuyers wonder about trying to “wait out” the market to see if home prices will come down or continue to rise. According to NAR, the median existing-home price of all home types in March 2024 was $393,500.
If your hoping that housing prices drop in 2024, you may be waiting yourself right out of buying a home. As of April 18, 2024, Freddie Mac forecasts that home prices will increase by +0.5% in 2024, but bear in mind this prediction can change as inflation and interest rates fluctuate.
Have you spotted a house (or maybe two) that you would like to call home? Get an idea of how much a mortgage payment on that house might cost with our free mortgage calculator.
Homebuying FAQs
Q: How do I buy a house with no money?
A: When you need to purchase a home with no money down, ask about what kind of low and no down payment mortgage options your lender offers. PrimeLending’s mortgage programs with no down payment requirements include USDA and VA mortgages*. Our FHA program offers a down payment requirement that is a low as 3.5% down.
Q: How to buy a house with bad credit?
A: There’s really no such thing as “bad” credit, rather, there are just some credit scores that are lower than others. And, guess what, there are plenty of loan options available to you, even if your credit score is lower than the requirements for a conventional loan. Government-backed loans like FHA, USDA, and VA mortgages all offer lower credit requirements making them a viable option for borrowers who may consider their credit score to be less than ideal.
Q: How much money do I need to buy a house?
A: The money you need to buy a house varies from person to person, so let’s go over the basics. To buy a house, you will need to have enough money to provide a down payment which usually ranges from 3.5%–20% of the loan value, depending on your loan. That said, some loan options come with 100% financing which means no down payment is required. But, don’t forget about the money you will need upfront for closing costs which are typically between 3%–6% of the loan amount.
*VA down payment waiver is based on VA eligibility.
