The interest rates have been at historic lows for a while now, but as those rates creep upward, is it still a good time to buy a house?
The short answer: Yes. But here’s why.
Supply & Demand
It’s true that everyone wants what they can’t have, and housing shortages have sent real estate into a frenzy.
The demand for houses is still sky high and it shows no signs of slowing down. In contrast, because demand is so high, houses are hard to come by. Therefore, the supply-demand dynamics will continue to push home prices up by 8 percent in 2021 – up from the previously predicted rate of 4.2 percent (FHFA Home Price Index). Housing shortages of this magnitude are expected to continue throughout 2021, which will only cause additional price increases and more bidding wars. Waiting ultimately puts you at a disadvantage within the current pricing trajectory.
We seriously …