Is 2021 A Bad Time to Buy A Home?
We’re coming out of a difficult year. As we look forward to 2021, an important question to ask is whether 2021 is a good year for you to buy a home. You may have heard that many people are worried about buying and selling homes. Maybe you’ve been planning to buy a home for a long time, or maybe you’re just beginning to consider it. Either way, we want to help you think through your options! You can contact us to ask specific questions, but we also have more general information below.
Before you think about your situation, it’s important to understand what’s happening in the market right now. 2021 is a year with a low housing inventory. That means that that houses are in high demand right now, which naturally drives up the price of homes. That’s not ideal for the buyer. In fact, the housing market right now is what’s called a “seller’s market.” In a seller’s market, the seller has the advantage, because demand is so high that they can sell for more.
This doesn’t necessarily mean that you can’t buy a home in 2021. Rates for mortgages are very low*, and they look like they will stay that way for a while. For home loans, low rates* can save you a lot of money. If you think it’s best not to buy a home in 2021, it may still be a great time to refinance. As you consider your options, you should ask yourself the following questions:
After you think through these questions and you decide that you should buy a home this year, contact us today to see if you qualify at 800-720-0250.
At the end of the day, the only way you can know for sure whether you should buy a home or refinance is by getting personalized advice. If you have a low credit score or a lot of debt, don’t give up! Not all lenders are the same, and you may still be able to buy a home or refinance. To learn more, visit this page.
After you think through these questions and you decide that you should buy a home this year, contact us today to see if you qualify at 800-720-0250. If you decide now is not the time to buy, rates are low, which means you may be in a great position to refinance and save money to buy a home in the future*. Contact us now at 800-720-0250 to get advice for your specific situation! We always provide free quotes, and we want to help you!
*HomePromise provides refinance mortgage loans to clients. In some cases a refinance may lower your monthly payments but increase your total finance charges over the life of your loan.