Is Now The Time To Buy A New House?

If you’re looking to purchase a new home, you’re likely aware of the current high interest rates and volatility of the housing market. Home mortgage financing rates are currently hovering around 8%. While low inventory and higher than normal rates may be a deterrent to some buyers, the team at MidCity Title wants to call out some positive points to consider buying a house right now! Please note that purchasing a home or condo is a big decision, and one that each individual needs to decide if it makes sense for them financially. The below are just a couple of reasons why the current housing market may work in your favor if you’re shopping for real estate!

Three Reasons To Buy A House In Today’s Market

1. Option to refinance in the future if rates go down. If you find the perfect lot or house for you or your family, remember that the interest rates will continue to change over time. If you’re locked in at a high rate initially and rates dip in the future, you will be able to refinance your existing loan on your dream home at that lower rate. Experts are expecting rate volatility to level out in 2024.
2. More negotiating power for buyers. The housing market typically cools in the winter months. Home inventory is also sitting on the market for longer in some major cities and states – including Louisiana. Both of these factors lead to buyers having more negotiating power as sellers are itching to sell their properties. Buyers can use this power to bring down the sale price.
3. Average price of homes in Louisiana is declining. In September 2023, the average median home price in Louisiana went down by 12.5% comparing year-over-year. (Source: Houzeo) This means there may be more homes available in your budgeted range. A house that may have been perfect for you but outside of your price range likely has a lower asking price at this point.

Is now the right time for you to buy a new home or condo in the Baton Rouge or New Orleans areas? There’s definitely some positives to being a house shopper in today’s current market. If you’re looking to buy in the near future, the team of professionals at MidCity Title – serving Baton Rouge and New Orleans – are happy to help make your property closing a smooth and easy one. Get in touch with us today, and happy home buying!