With the market shifting, clients may be asking you “Is it a good time to buy a house?” If your buyers are wavering between purchasing their dream home and taking a wait-and-see approach, we’ve outlined some reasons why now is still a great time for them to make a move.
Attainable interest rates
Interest rates have increased this year and where they’ll head next is anyone’s guess. However, there may be incentives to help with affordability. Clients interested in new-construction homes may be able to take advantage of special rates, interest rate locks and other offers that make financing more attractive.
Over the past few years, there has been a lack of inventory, causing increased competition for homes on the market. Finally, there are more homes available. What does that mean for your clients? Choice! They no longer need to decide between two or three homes that barely meet their criteria. The home they buy may be closer to their dream home.
It was pretty stressful there for a while… Some buyers submitted an offer on a house minutes after they toured it, offered to pay more than the asking price and sometimes waived their right to inspect, only to be beat out by other, more attractive offers. Even buyers who didn’t have to deal with bidding wars still had to contend with increased competition for homesites and a limited supply of inventory homes. Homes are now selling at a less hectic pace, which means your clients may be able to think about a home overnight before making a decision. They now have time to tour multiple homes and then choose the one that checks their boxes. The result? Less buyers’ remorse and happier clients (which can lead to referrals and repeat business)!
Rent is unpredictable
Do your research. Rent may be on the rise in your area. So, it still may be more affordable for your clients to buy a home instead of shelling out a hefty payment to a landlord every month. And if your clients have yet to be affected by high rent costs, there is always the possibility of future increases. Owning a home could protect them from expensive rate hikes.
Communities may sell out
If your clients are excited by a Richmond American or master-planned community, make sure they realize that we won’t be building in that area forever. Neighborhoods across the country sell out all the time. Relocation influx can cause homes to move quicker than expected, depending on the region. If the amenities and location are a great fit, encourage your buyers to make their move before it’s too late.
Get inside tips for selling new homes!
Our free guide was designed to help agents leverage the top selling points of new homes—and navigate some unique challenges that might arise in this market.
We hope this information helped you answer the question “Is it a Good Time to Buy a House?” If your clients would like to move soon, we have many listings across the country.*