In this post-covid market, many people think it’s a bad time to buy a home, but there are a few reasons you may not want to wait. In this video, Jamie Cavanaugh goes over three of them.
In this post-Covid housing market, prices and rates are higher than they were before. So you may be thinking: should I just wait to buy a home? Here are 3 reasons you may want buy a home sooner rather than wait.
- Start building equity immediately
No matter the state of the housing market, owning a home means you can start building equity. Historically, over the long run, home values always increase. Think long-term and you will win.
- Prices may not decrease
Today’s market is different from the housing bubble of the Great Recession where bad loans were made and homeowners defaulted. Today the main driver of value is a lack of supply and economists predict at least 7 more years before there is enough supply to meet demand. So, buying sooner may be the best option.
- You pay either way
Whether you pay a mortgage or you pay rent, you will still have monthly payments. However, paying a mortgage includes building equity and getting a tax deduction. Owning a home is always better if you have a choice.
As always, for more information, you can visit us at amerifund.com. Thanks again for watching!