Realtor.com® and LendingTree both agree – this might be the best time to purchase a home.
Tendayi Kapfidze, LendingTree’s Chief Economist, in an interview with Realtor.com®, explained, “if you are in a point in your life where you’re considering buying a home today, it’s a better time to buy than 10 years ago. If you can get a mortgage, you’re getting much lower interest rates, and it enables you to afford more. But that also means that you’re competing with more buyers, who are bidding up the prices.”
With the mixture of a strong economy, low unemployment, and low mortgage rates, potential homebuyers are feeling positive entering the real estate market. However, with more buyers, comes higher prices – median sales prices jumped 53.5% between 2012 and 2019.
However, buyers are more financially prepared than they were 10 years ago – coupled with lower mortgage rates and putting a higher amount of savings away, homeowners are sitting on more equity!
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