Should I Wait Until Later In The Year To Purchase My Next Home?

This week's news headlines have been dominated by the somewhat bizarre circumstances that have led to stock market volatility.

While this doesn't have an immediate effect on real estate, it is perhaps a timely reminder that nothing stays the same for ever.

Bringing things more close to home, we should all acknowledge that this statement very much applies to mortgage rates.

Right now they remain around record lows; a situation we've been enjoying for some time now. But it is wrong to think this can last forever.

Rates are partially being held at low levels due to a decline in inflation as a result of the pandemic. However some investors believe that the trend in inflation may be reversing.

With a new Presidential administration now in office there are inevitable uncertainties over the direction of future policy that may influence financial markets and the housing market in general.

So, while nothing is ever definite in terms of predicting which way rates might go during 2021, what we can say right now is that there has rarely, if ever, been a better time to buy a home. This was of course reflected in the amazing year for real estate in 2020, despite what initially looked like overwhelming odds.

Selling and buying at the moment means that you're very likely to see a lot of qualified interest in your existing property, with the possibility of multiple offers, and a chance to buy the next one at virtually unprecedented low borrowing rates. Putting things off until later in the year introduces the risk that this golden opportunity may have passed, possibly never to return.

We'd be delighted to talk with you to discuss what's best in your specific circumstances, so please don't hesitate to message us or call us on 435-327-2090. We look forward to speaking with you.