Jeff Tucker, senior economist at Zillow, told CNBC that with inventory beginning to rebound a little, buyers will have more options if they wait.
“This is a really challenging time to be a buyer. The market is as hot as we’ve ever seen it before,” Tucker said. “If they can watch and wait for the next several months, time is on their side.”
Buying a home this year has several drawbacks, according to The Mortgage Reports.
Low inventory means there’s more competition from cash buyers. To remain competitive, metro Atlanta real estate agent Bruce Ailion told MortgageLoan.com that buyers should consider giving bigger earnest money deposits, so they’ll be spending more upfront. There are also tougher mortgage standards. Although they’re beginning to loosen, it’s not as easy to secure a mortgage as it was pre-pandemic.
Yet there are some benefits to buying a home now.
Low-interest rates make them more affordable. The increasing home values create equity and there is a variety of no- and low-down-payment mortgage options.