Summer 2021: Why Not the Right Time to Buy a House
The right time to buy a house is when you are ready. Real Estate prices will fluctuate but knowing the market situation gives you an added advantage. You get to know what you are getting for the paid price. Also, you will be able to deduct if making the purchase was profitable at all at that particular point in time.
Without further ado let’s jump into the subject matter to find out if summer 2021 is the best time to buy a house .
What will be the Home Prices in Summer 2021?
GI Home loans brokers believe that prices will be high until December 2021. Generally speaking, spring is the home buying season. So, home prices tend to remain high in spring (March to May). In summer (June to August) the Real Estate prices begin to cool down. During this time, the market becomes favorable for many buyers as interest rates drop.
However, summer 2021 will be different. Home prices will begin to cool but prices won’t be anything like previous years. So, many buyers will decide to hold off big purchases due to a lack of appropriate home prices and an increase in interest rates. Therefore, many buyers may resume home shopping after this summer.
By midsummer 2021, real estate sellers might be in a mood to reevaluate and adjust home prices due to several factors:
- The sudden increase in mortgage interest rates
- Buyers wanting to make purchases after the summer
- More people will get vaccinated this year so shoppers would be in a mood to enjoy time with friends and family instead of home shopping.
- Builders’ supply chains will revive and become healthy.
Is 2021 a good time to buy a house?
When real estate prices are comparatively high buyers fear that interest rates will go up costing them a fortune. This is not always true. Buyers have to understand that home prices tend to shoot up or down when there are multiple offers on a property. It’s a common scenario. So, the right time to buy a house doesn’t depend on the time or market entirely.
The best time to buy a house is when you are ready. If you have the money in hand then make a move to invest in property now. If you are not confident at this moment and want to wait then wait until you feel comfortable to purchase your dream home.