What do higher home prices mean for buyers this Spring?

As home pricing continue to increase, how will this affect people looking to purchase this season? Due to a low inventory of homes we have seen a hike in home prices which can be hard on buyers, especially first-time home buyers.

Traditionally, Spring is buying season- consumers are motivated to start the house hunt. However, due to the increase we are worried about the competition in the housing market. To put it in simple terms, we have an issue with supply and demand.

Don’t get your hopes up, we have good news to share! Due to low inventory, now is a good time to sell. Looking to downsize, upsize or relocate? Eager buyers await any market updates to see which homes become available. Meaning your home will likely sell quicker then usually at a good price.

As rates are still historically low, buying a home now is more affordable compared to 20 years ago. Homeownership is still a great long-term investment in comparison to renting- invest in your future.

Give your friends at Purpose Funding today to talk about your financing options for purchasing your next home. Call us! (844) 427-3863