Is it the Right Time to Buy a House?
May 15, 2023
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1:04Now PlayingIs it the Right Time to Buy a House?
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as posted by the channelIs now the right time to buy a home? In short, it's a hard "no." When you're looking to buy, consider how much it would cost to rent the exact same property. In many places, it's a whole lot cheaper to rent than to buy right now.
That's a big signal that the housing market is overvalued. Overall, the housing market in America is in a bizarre situation where prices have increased 42% since 2020. At the very same time, interest rates have doubled from around 3% to 6% on mortgages.
Together, that means housing payments are typically much higher than rent today. Typically, higher interest rates bring down housing prices, and well, that just hasn't happened yet. We can expect housing prices to stagnate and probably go down in the near future, especially in areas that experienced the hottest price growth in recent years.
So, strap in. I'd love to buy a new house myself, but I'm taking a deep breath and waiting for another year for prices to cool down a bit.
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