Why Now is Still a Great Time to Buy a Home in South Central PA
The housing market in South Central PA continues to appreciate in value, and I wanted to address a question I hear frequently: “Should I wait for prices to drop?”
I understand where that thought comes from—many people expected that higher interest rates would lead to lower home prices. However, the reality is quite the opposite. For example, over the last two years, while interest rates went up, home prices in our area increased by over 7.5%. Someone close to me has been waiting for prices to fall, only to miss out on significant gains. If they had purchased a $300,000 home two years ago, they could have increased their net worth by more than $20,000. The opportunity cost of waiting has been steep.
It’s important to note that today’s housing market is very different from the one in 2008 during the Great Recession. Homeowners now have more equity in their homes than at any other time in recent history. Additionally, we’re experiencing a supply shortage because builders didn’t construct enough homes for nearly a decade after the recession. Even though demand has slowed slightly due to higher interest rates, low supply has kept prices rising.
So what does this mean for you? Simply put, it’s always a good time to be a homeowner. The net worth of homeowners far exceeds that of renters, and buying sooner rather than later helps you benefit from potential appreciation. As we say, “Buy the house, date the rate.” You can always refinance later if interest rates come down.
If you’re considering homeownership, we’d love to help! Contact us for a free homebuyer consultation or a home value estimate. Our team is here to guide you through the process and ensure you make a great financial decision.
Thanks for your time, and we look forward to connecting soon.
Also, check out our Facebook page at Facebook.com/DaveHookeTeam for more helpful tips like these along with all of our latest listings and community updates. We look forward to connecting with you.
