Housing trends change in a number of ways, and it can be difficult to look at the market from the outside and determine just how those changes affect your plans to buy a home. The movement of interest rates, both local and larger housing price fluctuations, and shifts in supply and demand all play a role in the mortgages and home prices you see. For potential buyers who remember volatile times like the 2008 crash of the housing market, committing to a mortgage can be daunting. However, they may be surprised at the benefits of owning even at times when the market feels less stable. Recent changes in interest rates and a drop in housing prices have occurred, but this remains a beneficial time to make a purchase, particularly when you factor how the recent drop in home values and other Fall 2022 trends have affected matters for buyers.
FHL Texas knows that buyers look for homes in Texas for many reasons, and we know some people will need to buy even when they are unsure of what is happening with the market. Whether you are trying to buy your first house or need to move from your current location to somewhere new, we can help you navigate mortgage matters and secure a great space! Our help includes no-cost pre-approvals that make it easier to move forward with your offer and secure the home you want for your family.
Changes In The Housing Market Can Make It Difficult To Identify The “Right” Time To Buy
Without expert guidance, it can be difficult to know just how friendly the housing market is for a buyer. Gauging whether now is a good time to buy can be even tougher when you see trends that seem to offer conflicting information. As hard as it can be to know how to assess the current state of the market, it can be even harder to understand what to anticipate in the future.
The Fall of 2022 has shown us that demand for homes has slowed, and that has lowered prices after a long period where they kept climbing. A recent change in credit scoring has also helped buyers by raising the average buyer’s score by 22 points. Does this make it time to make a move on a home that interests you? Should you wait and see how these trends affect prices in the future? These recent trends can make buying more attractive now, and you should keep in mind that the sooner you buy, the sooner you can take advantage of the long-term benefits to owning the space where you live!
Are Fears From Past Market Events Making You Reluctant To Become A Homeowner?
For people who experienced direct economic effects from 2008’s housing crisis, and for those who remember hearing about its impact on homeowners, buying at the wrong time can feel scary. Even with the fall in housing prices, experts remain confident in the market. One problem with letting fear hold you back from a purchase is that you can miss out on trends that actually benefit you as a homebuyer. The current drop in pricing, and the relative fall in demand for homes, can make it easier for you to secure the space you want with a lower offer, as you can expect less pushback from owners and less direct competition from other buyers.
Reasons To Remain Confident In The Housing Market And Your Property Value
One reason current trends do not remind experts of 2008 is the lack of the kinds of oversupply concerns that affected the market at that time. Demand now has started to shrink as property costs have gone up and persuaded would-be buyers to remain with family or remain in rental units. That loss of interest in homes on the market have pushed sellers to begin dropping their asking prices. As this has gone on, rental prices have continued to rise, making this a less affordable option in the long term than it seems.
Remember That Owning Comes With Long-Term Advantages Over Renting
The housing market affects more than just people who are interested in buying or selling a home. Because people have remained renters for longer, and more people are sticking with this living situation, the prices for apartments and other rented spaces have gone up. Trends that point to continued rises in rental costs can mean you ultimately lose money by not making the move to homeownership! Our loan calculator can help you see just how much you stand to gain by choosing owning over renting in the long run.
Owning a home also means building equity in the space where you live, something that can prove important for your long-term financial health. Paying your mortgage over the years shifts more of your property’s value to you, making it a positive for your net worth. That generation of equity can help you in times when you need funds, as there are different lending options that can let you borrow against it. Those options include the choice to take out a reverse mortgage later in life, which can have a significant benefit for your retirement plans.
Building Equity In Your Home Can Help You Later In Life By Giving You Access To A Reverse Mortgage!
When you think about retirement, what resources do you expect to use to support yourself later in life? By building up equity in a home, you can take advantage of a reverse mortgage! With this loan, you can make use of that equity you have built over time, and you can use the funds that you receive to support yourself at a time when you do not have income from work. We can help you understand the different payout structures and terms that come with this kind of support, and we can also work closely with you to make sure it is the right path forward.
FHL Texas Is Ready To Help You Navigate The Housing Market And Secure Your Home!
Trying to gauge what is happening with the housing market on your own can be tough. It can also lead to you missing out on good times to buy! We have experience with matters of Texas real estate and mortgages, and we can work closely with you by providing a no-cost pre-approval and important guidance to secure a loan and your home. For more information on the latest trends in the housing market and how they might impact your interest in buying a home, call FHL Texas today at 1-800-990-LEND (5363).