Is now a good time to purchase a home?

A question I often hear right now is, “Is now a good time to purchase a home?” In my opinion, I believe that now is good time for buyers. Interest rates have been historically low and should continue to stay low for the remainder of the year. Although home prices went up about 10% in value, with the low interest rates, buying a home now can be more affordable.

Let’s break it down:

Last year in 2020, interest rates were around 3.65%. If we purchased a home for $500,000, our monthly payment would be $2,287 in principal & interest.

This year, interest rates are sitting around 2.65%. So for a $550,000 home, your monthly payment will be $2,216, which is $71 less for a higher priced home!

Don’t let the big numbers scare you! It is important to look at other factors as well and not just the purchase price. So if you have the means to, now is the time to find your dream home!