I know that buying now may seem like not the best time since the interest rates are going up, But if you are currently renting, and if you're able to qualify, I think buying is still the best way to go.
Home prices will continue to go up for the foreseeable future. I don't know anyone reputable saying that home prices will drop at the level they did in 2008/2009. There may be price reductions right now and homes currently for sale may take longer to sell, but there is no crash (or bubble popping...since there is no bubble) expected in 2022/2023 like there was in 2008/2009. Homes are still selling for CONSIDERABLY more than they were purchased for.
And as of early summer, 2022, there are very few multiple offers, most homes are selling for at or below list price (not $50,000+ over list price) and buyers are not having to guarantee to bring large amounts of cash to make up differences between appraised value and sales price. Many sellers are even helping buyers cover some of their closing costs.
Once you make the purchase, all experts are predicting that home values will continue to increase. If you are able to qualify for a home purchase, even if its not your 'dream home,' now is a GREAT time to buy.
There are 4 ways to look at a home purchase right now if you are able to qualify.
We just wanted to reach out to say thank you for all your help in the past as our real estate agent. We have had a few more experiences as we have bounced around the country, and we definitely feel that when we measure real estate agents up against you they consistently fail to meet our expectations. You were excellent and showed us what right looked like in the real estate business. Thank you again, and since we are in New Mexico now please let us know if you decide to sell real estate here as well because we want you to represent us!