Is it a good time to buy now (August 2022)

Is it a good time to buy right now?

It depends on your situation …

BUT here are some factors affecting everybody right now.

1. We are unlikely to see a market crash due to constrained supply because of

- people moving into the Treasure Valley

- many people who have bought or refinanced in the last few years have a 2 to 3% mortgage & they are going to beg borrow & steal to keep that mortgage (fewer sellers)

- we are unlikely to start seeing foreclosures because people have so much equity in their property if they got into trouble they would likely just sell rather than go into foreclosure

2. Trying to TIME THE MARKET is a fool’s errand… Resembeing as we never know the true timing until after the fact

PLUS

People have life events that make homeownership more important as long as they can afford the monthly payment

SUCH AS

✨Wanting to feel truly settled
✨a growing family
✨wanting to stay in the same place long term

3. There is a potential loss of liquidity in lending in the near future because of the way that economy is changing lenders might stop lending or have a lot more strict lending guidelines

4. A unique thing about real estate is you can constantly renegotiate the deal meaning you can refinance into a lower monthly payment after a few years or if interest rates drop + do cash out refi for home improvements…all things you couldn’t do with renting!