Is It Time To Buy a New House?
Is this a good time to buy a house?
The housing market appears to be cooling in parts of the nation. High home prices, a doubling in mortgage rates, and economic uncertainty are contributing to slower sales. This is evident in lower listing prices, longer days on the market, and price reductions. There are fewer bidding wars and contracts are being canceled. Appreciation in home values has slowed as well. The National Association of Realtors reports that housing affordability has plunged to the lowest level since 1989. That doesn’t mean the market is crashing. Back in ’07 and ’08, we suffered a housing bubble. The only factor we have in common today is high prices. Even so, some buyers are beginning to experience fear, uncertainty, and doubt. Coupled with low cash reserves, they’re choosing to postpone a purchase in order to wait and see what happens.
Overpaying for a house can negatively affect your finances for years. Many who got caught up in the real estate frenzy are now underwater or unable to keep up with the expenses of home ownership. Pandemic checks have been spent and consumer debt is rising. Combine that with higher costs of maintenance, repairs, and utilities, and it’s easy to understand the discouragement. The good news is that qualified buyers who’ve waited patiently may soon find a house they can afford. Whether you’re hoping to sell or desiring to buy, trust the Lord and seek wise counsel.
And if you’re stressed with work and credit card debt, contact Christian Credit Counselors. They’ll create a debt management plan that works for you. For more information call the Crown Helpline: 800-722-1976 or online at crown.org/ccc.