Is now a good time to buy?

When asking "Is now a bad/good time to buy a home?", I always urge you to follow that sentence with, "given my situation?"

Compared to....Renting? Absolutely; Downsizing? Given the interest rates and if you're locked into a low rate, probably only if you intend to buy the downsized home with all cash, or a lot of it; Relocating? Back to the comparison on renting...Yes. Unless you want to live in an area for a while before buying. I get that. Upgrading? If your dream home comes along, then why not. I'm assuming with an upgrade you intend to be there a long time, in which case you don't need to be concerned about the short-term market fluctuations. Similar to the stock market. Staying for less than 3 years? You should likely wait until we understand where the market is going. I don't think values today will be higher than where they will be in 2-3 years, but given uncertainty in the economy, the risk of that is possible. However, even after the historic '08 housing market crash, the Charlottesville area market returned in about 3 years. The biggest factor to protect yourself on a future sale, would be picking a desirable location, and a home that appeals to a large part of the market.

There's obviously more situations that exist and each will be somewhat different for each person. Please get in touch if you'd like to get my honest opinion on whether now is the right time for you to buy a home. 

*This article was written with the Fall/Winter 2022 market in mind, however the principle of using your situation to dictate the decision process remains the same. 

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