Patience Pays Off: Why Persistence is Key When Trying to Buy a Home

While the current housing market favors sellers, there are still advantages to being a buyer. Here are a few benefits to consider:

  1. More negotiating power: In a competitive market, sellers may be more willing to negotiate on price and terms, giving buyers an opportunity to secure a favorable deal.

  2. Low mortgage rates: Despite some volatility, mortgage rates remain historically low, which can make homeownership more affordable in the long run.

  3. Potential for future appreciation: Although home prices have stabilized, real estate has historically been a solid long-term investment. Buying a home now could offer potential appreciation over time.

  4. Expanded housing options: While inventory may be limited, with patience and persistence, buyers can still find homes that meet their needs and preferences.

  5. Building equity: By entering the market as a buyer, you have the opportunity to start building equity in a home, which can provide financial stability and wealth-building potential.

Navigating the challenges of the current market may require working closely with a trusted real estate professional who can help you identify opportunities and make informed decisions throughout your homebuying journey.

Long-Term Benefits Outweigh Short-Term Challenges

Owning a home grows your net worth – 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’ll miss out on those monthly housing payments going toward your home equity. Freddie Mac puts it this way:

“Homeownership not only builds a sense of pride and accomplishment, but it’s also an important step toward achieving long-term financial stability.”

Indeed, while the current sellers' market may present some challenges, it's important to consider the long-term financial benefits that homeownership provides. Over time, homeowners can experience home value appreciation, which means their property's worth increases. Additionally, homeowners build equity as they pay down their mortgage, which can be a valuable asset for future financial endeavors. Despite the competitive market conditions, the potential long-term benefits of homeownership make it a worthwhile investment for many individuals.

Mortgage Rates Are Constantly Changing

Mortgage rates have been hovering around 6.5% over the last several months. However, as Sam Khater, Chief Economist at Freddie Macnotes, they’ve been coming down some recently:

“Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market . . .”

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.comexplains:

“As we move into the spring buying season, mortgage rates have ticked lower, a welcomed sign of progress towards affordability.”

The recent drop in mortgage rates is good news if you couldn’t afford to buy a home when they peaked.

Home Prices Will Increase

According to the Home Price Expectation Survey, 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):

Rising home prices in the coming years means two things for you as a buyer:

  • Waiting to buy a home could mean it’ll become more expensive to do so.
  • Buying now means the value of your home, and your net worth, will likely grow over time.

Bottom Line

If you’ve been trying to buy a home, hang in there. Mortgage rates have ticked down some recently, home prices are forecast to increase in the coming years, and the long-term benefits of homeownership outweigh many of the short-term challenges.

336 Properties
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$600,000
Neighborhood: Sorrento Bayside
3
Beds
2
Baths
1,810
Sq.Ft.
1996
Year Built
1
Day on Site
N6132483
MLS
Open 4/21
508 Pine Rd Nokomis,  FL 34275
$625,000
Neighborhood: Bay Point Corr Of
3
Beds
2
Baths
1,698
Sq.Ft.
2002
Year Built
1
Day on Site
U8236562
MLS
$6,890,000
Neighborhood: Casey Key
4
Beds
6F11/2
Baths
4,325
Sq.Ft.
1970
Year Built
1
Day on Site
A4604908
MLS
Open 4/21
589 Maraviya Blvd Nokomis,  FL 34275
$1,250,000
Neighborhood: Toscana Isles Ph 6 Un 2
3
Beds
3F11/2
Baths
2,788
Sq.Ft.
2022
Year Built
1
Day on Site
A4607816
MLS
Open 4/21
178 Princess Ave Nokomis,  FL 34275
$255,000
Neighborhood: Kings Gate Club Mhp
2
Beds
2
Baths
1,320
Sq.Ft.
1985
Year Built
2
Days on Site
A4607528
MLS
Open 4/21
15165 Vivaldi Dr Nokomis,  FL 34275
$849,900
Neighborhood: Bellacina By Casey Key Ph 3
3
Beds
2
Baths
1,888
Sq.Ft.
2019
Year Built
2
Days on Site
A4607330
MLS
$2,900,000
Neighborhood: Acreage & Unrec
6
Beds
5F11/2
Baths
6,305
Sq.Ft.
2007
Year Built
2
Days on Site
A4607630
MLS
$429,900
Neighborhood: Laurel Pines
3
Beds
2
Baths
1,688
Sq.Ft.
1996
Year Built
2
Days on Site
R4907803
MLS
$449,000
Neighborhood: Laurel Hollow
3
Beds
2
Baths
1,480
Sq.Ft.
1991
Year Built
3
Days on Site
N6132403
MLS
$575,000
Neighborhood: Vicenza Ph 1
3
Beds
2
Baths
1,683
Sq.Ft.
2022
Year Built
4
Days on Site
A4607240
MLS
$225,000
Neighborhood: Citrus Highlands
3
Beds
2
Baths
1,362
Sq.Ft.
1979
Year Built
4
Days on Site
T3517395
MLS
$390,000
Neighborhood: Toscana Isles Carriage Homes P
3
Beds
2
Baths
1,661
Sq.Ft.
2018
Year Built
5
Days on Site
A4606943
MLS

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