We’re still in a sellers’ market. And if you’re looking to buy a home, that means you’re likely facing some unique challenges, like difficulty finding a home and volatile mortgage rates. But keep in mind, there are some benefits to being a buyer in today’s market that give you good reason to stick with your search Here are a few of them
Owning a home grows your net worth – and since building that wealth takes time, it makes sense to start as soon as you can If you wait to buy and keep renting, you’ll miss out on those monthly housing payments going toward your home equity Freddie Mac puts it this way:
“Homeownership not only builds a sense of pride and accomplishment, but it’s also an important step toward achieving long-termfinancialstability.”
The key there is long-term because the financial benefits homeownership provides, like home value appreciation and equity, grow over time Those benefits are worth the short-term challenges today’s sellers’ market presents
Mortgage rates have been hovering around 6 5% over the last several months However, as Sam Khater, Chief Economist at Freddie Mac, notes, they’ve been coming down some recently:
“Economic uncertainty continues to bring mortgage rates down Over the last several weeks, declining rates have brought borrowers backtothemarket ”
Lower mortgage rates improve your purchasing power when you buy, and that can help make homeownership more affordable Hannah Jones, Economic Data Analyst at realtor com, explains:
Mortgage rates have ticked down a bit recently, home prices are forecast to increase in the coming years, and the long-term benefits of homeownership outweigh many of the short-term challenges.
“As we move into the spring buying season, mortgage rates have ticked lower, a welcomed sign of progress towards affordability”
The recent drop in mortgage rates is good news if you couldn’t afford to buy a home when they peaked
According to the Home Price Expectation Survey, which polls over 100 real estate experts, home values will go up steadily over the next few years after a slight decline this year (see graph below):
Source: Q4 2022 HPES
Rising home prices in the coming years mean two things for you as a buyer:
Waiting to buy a home could mean it’ll become more expensive to do so
Buying now means the value of your home, and your net worth, will likely grow over time
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With each new season comes an opportunity to refresh our spaces and create more style, beauty, and functionality in our homes.
We all want our spaces to feel like a retreat, so for spring 2023, the sensory experiences of our homes will become more important than ever. You can easily create restorative spaces in your home by incorporating cozy furniture, soft throw blankets, ambient lighting, and color palettes to create the mood you’re going for.
Our bedrooms are becoming calming, resortlike spaces where we can relax, recharge, and restore We’ll see bedrooms features luxurious bedding (soft linen bedding is hugely popular right now), comfy mattresses, elegant upholstered headboards, and dedicated spaces for relaxing, yoga, or meditation
With the advent of spring, our love for bringing the outdoors in will continue, but in a more sophisticated way, with the incorporation of plants (biophilic design) and natural materials like rattan, cane, leather, jute, wicker, ceramics, and woven lighting, furniture, and decor
In spring 2023 and beyond, we’ll continue to see plenty of soft, rounded furniture; curved backs on chairs; sloped arms on sofas; rounded waterfall corners on countertops, desks, and consoles; cushy ottomans; and curved accent pieces. Curves lend instant personality to a space and create a sense of softness and femininity.
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Choose from a FREE Video Doorbell OR our Benjamin Moore Paint Design Board.
Using your cell phone, take and upload your picture then tell us your color preferences, take our style quiz, or ask our Designers for their recommendations
Our Designers will create 3-5 initial designs based on your color preferences, then work with you online to create more designs until you find the one you love.
