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Want to buy a home? Here are 5 reasons you should consider buying soon — Photo Credit: Kindel Media

News, Sponsored

Want to buy a home? Here are 5 reasons you should consider buying soon

by Sarah Estime

December 07, 2022 at 5:43 am

This article is sponsored by Zillow.

The current state of the housing market may have you feeling some type of way about purchasing a home. We get it. It’s a confusing time, and there’s a lot of conflicting information floating around about home buying. There are difficult questions that come up when you’re deciding on your housing. Should you buy or rent? Is now a good time to buy or should you wait? What neighborhood should you live in?

If you’ve been going back and forth in your mind about whether or not now is the right time to purchase a home, we’ve got good news for you. If you’ve saved, done your research and feel ready, then consider shooting your shot and buying your home now. Fortunately, there are sites like Zillow to help you get the most out of navigating your home-buying journey. Zillow offers tools such as virtual 3D Home tours and interactive floor plans, which allow you to immerse yourself in a home and quickly narrow down your options, potentially saving time by touring fewer homes in person. And Zillow’s mortgage calculator helps you understand how much home you can afford and provides an estimated monthly payment. The feeling you get when you purchase your first home is unmatched, and there are plenty of reasons to go for it now instead of waiting.

Grow roots in a place you love

One of the best things about buying a home is owning it in a community you want to be a part of. You’re not only saying yes to a home when you make that investment, you’re also saying yes to a neighborhood in which you can settle and grow with for years to come. And by working with the right real estate professional, you can find the home that checks everything off your must-have list and in the neighborhood you love. An experienced agent knows things like when to make an offer under list price or when to expect a bidding war. You can find the perfect agent for you on the Zillow® website.

Changing markets

While home prices are still leveling out, there are many markets across the country in which values have fallen. According to Zillow’s latest monthly market report, at the national level, home prices are up 12% from October of last year and up 43% since before the pandemic. Although these are increases, they are still below a record high. Last year, it felt as though no matter what a seller did, they could expect to see multiple offers above list price roll in within days. Those days are gone. Some sellers are beginning to notice and adjust their prices accordingly. So now is a great time to pay attention to homes you’ve liked, yet felt were just out of your price range. You can use the Zillow app to monitor price changes for homes in your market.

Less competition

Another excellent reason for buying a home now is that there’s less competition. Why? Fewer buyers are in the market right now because many current homeowners have decided to stay in their homes, appreciating their locked-in lower mortgage rates. Additionally, there are slightly more homes listed for sale currently than there were at this same time last year. And less competition means fewer bidding wars and a better opportunity for buyers to leverage negotiating power. If you can be patient and use the right tools, it’s possible — even in this market — to find the right home.

Get peace of mind

When you purchase your own home, no one can switch up on you. Unlike a rental, on which the landlord can raise the rent or sell the property to someone else unexpectedly, your home is yours. It’s a place where you get to call the shots. Zillow can help you find and finance the perfect home that you can make all your own for years to come.

Secure your bag

When purchasing a home, most people’s thoughts will jump straight to how expensive it can be, but owning a home is an investment that may make sense for your financial situation. In some cases, your monthly mortgage could be less than your current rent payment, depending on where you live. Curious about whether that could be true for you? Run the numbers with this rent vs. buy calculator. Plus, when you purchase a home, you get to build equity, so the money you’re putting toward housing goes toward building your future. You may also have a fixed monthly housing payment, which could make long-term budgeting much simpler. Start your search and even explore financing options on Zillow.

If you feel ready to level up to homeownership, Zillow is ready to help you through the process.

This article was sponsored by Zillow.