Should you buy now or wait? With such a large financial transaction and significant commitment as buying a house, you must understand the factors that play a role in making the right choice. If you’ve been considering buying a house but aren’t sure if the timing is correct. Regrettably, no one-size-fits-all answer will fit every buyer. Instead, your timing depends on several variables, including your finances, current housing prices, and plans for at least the next several years.
With such a large financial transaction and significant commitment as buying a house, you must understand the factors that play a role in making the right choice, so read on as we explore how to know if it is a good time or a bad time to buy a house in Oklahoma City.
Finances
Many facets of your financial picture play a role in knowing if it is a good or bad time to buy a house in Oklahoma City. For example, how much have you saved for a down payment, and are you creditworthy? A pre-approval with a lender will help you stand out from other buyers in the eyes of sellers with multiple offers and help you understand how much house you can afford. Don’t forget to leave room in your budget for the unexpected. You may need to make repairs soon, so you must be ready financially. You may also need new appliances or add the finishing touches that make a house a home, such as drapery and furniture. At Kelly Kingston Homes, our real estate agents can help you add it all up and focus on properties that fit comfortably within your budget.
Knowing the Market
With a predicted increase of 5.5% in home values, down from 16.9% in 2021, the market still favors sellers due to a supply shortage compared to buyers’ demand. Additionally, interest rates are currently low but expected to rise soon. Thus, purchasing a house sooner rather than later could be advantageous as it could help you lock in a lower interest rate. At Kelly Kingston Homes, our real estate agents help buyers see a clear picture about whether or not it’s a good or bad time to buy a house in Oklahoma City.
Looking Ahead
One way to determine if it is a good or bad time to buy a house in Oklahoma City is to consider how purchasing a home fits your plans. The experienced agents at Kelly Kingston Homes can assist you in envisioning how a property aligns with your future goals to determine if it’s the right time for you. In addition, at Kelly Kingston Homes, our agents help buyers understand how to prepare for home ownership if they’re not yet ready to buy a house.
At Kelly Kingston Homes, our real estate agents can help you decide whether it is a good or bad time to buy a house in Oklahoma City because they stay on top of the crucial data contributing to an educated decision. For example, the professional real estate agents at Kelly Kingston Homes watch national and local trends and market conditions, such as interest rates, whether it’s a seller’s market, and can help you understand what that means for buyers when making an offer and available inventory. So why not find out if it’s time to buy a house by contacting a real estate agent at Kelly Kingston Homes? Our real estate agents at Kelly Kingston Homes are happy to answer your questions or address any concerns you have. Let the real estate agents at Kelly Kingston Homes help you to get started, assess your financial situation, provide essential resources, and help you locate the perfect fit when the time is right.
Contact Kelly Kingston Homes at (405) 521-1817.