Reality of Realty: Should You Buy a Home Now? Navigating Current Real Estate Trends

By: Valerie Davenport

[TRANSCRIPT]

Hey future homeowners, welcome back to my channel, Reality of Realty; I’m Valerie Davenport, your trusted real estate guide, and today we're diving into the question everyone's asking: "Is now a good time to buy a home? We’ll get into that in today’s video.

So If you like videos like this and other behind the scenes peeks into what it’s like to be a realtor, don’t forget to like, share and subscribe so you’ll be notified when new videos are published.And,whether you’re moving across the nation or across the street, tap into my resources by emailing me today using the email in the description box below. Now let’s get into the video.

Hey everyone, welcome back to my channel! Look, I get it. Buying a home is a huge decision, filled with emotion and, let's be honest, a lot of financial weight. There's no one-size-fits-all answer, but let's break down what you need to know about the current market.We've been on a real rollercoaster these past few years, haven't we? Interest rates jumping, inventory tight, and home prices… well, they've been pretty stubborn. It's easy to feel overwhelmed, but let's break it down.First, interest rates. Yes, they're higher than we'd like, and that definitely impacts affordability. But, they are showing some modest improvement. And remember, historically, they've been much higher. In the 80’s - they were in the double digits. So, don't let current rates completely derail your homeownership dreams.Now, inventory. In some areas, it's still tight, meaning more competition and potential bidding wars. But, in other markets, we're seeing more options, which means more negotiating power for you!And home prices? While still elevated in many places, we're seeing signs of stabilization. In some areas, prices are even coming down. It's crucial to really understand your local market.Okay, so why might now actually be a good time to buy?

First, it’s a long-term investment. Real estate has always been a solid way to build wealth. Even with market fluctuations, you're building equity and creating financial stability.Second, you’d be building equity. Every mortgage payment you make increases your ownership stake.Third, personalization and stability are a benefit of home owndership. Owning your own space lets you truly make it your own, and provides a sense of security you can't get from renting.

Fourth, seeking home ownership provides a potential for negotiation. With more inventory in some areas, you might be able to get a better deal.And finally, future appreciation on your home’s value is another perk. While we can't predict the future, real estate often appreciates over time, increasing your wealth.Before you jump in, let's talk about some key factors.

First, consider your personal financial readiness. Get pre-approved for a mortgage to understand your buying power and assess your budget, including down payment and closing costs. Whether you decide to move forward with buying a home, it’s important to know, and understand this number and whether improvements can or should be made.Second, consider long-term plans. How long do you plan to stay? Have your Realtor run the numbers comparing renting vs. buying over time.Third, local market conditions. Work with a knowledgeable realtor, like me, who understands your area. They'll help you navigate pricing, inventory, and neighborhood dynamics. Don’t know where to start? Or, live in another state? message me and I can refer you to a local realtor.And finally, monitor interest rates. Consider future refinancing potential. Also, if you’re approved for down payment assistance, that might affect your ability to refinance too soon.In the end, the best time to buy a home is when it aligns with your personal and financial situation. Don't let market fluctuations scare you away. Educate yourself, work with trusted professionals, and then make an informed decision.As your realtor, I'm here to guide you every step of the way. Let's work together to make your homeownership dream a reality. And for daily real estate insights, follow me on Instagram @valerie.rdavenport! R is for realtor!!

So that’s it for today’s video. I’ll wrap it up here by saying thanks for tuning in to the very end! If you found this info helpful, don't forget to like, share and subscribe, and hit that notification bell for more real estate insights. And, if you have any real-estate related inquiries, visit my website at valeriedavenport@unitedrealestatechicago.com or use my email in the description box below. Until next time, happy house hunting!