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Is now a good time to buy a house?

As any Realtor will tell you, buying a house has much to do with timing.

So is now a good time to buy a house? With mortgage rates at historically low levels, the demand for housing soaring and the end of the COVID-19 pandemic hopefully in sight, it’s a difficult question to answer.

“Home prices have soared in the past year. But mortgage rates continue to be favorable and there is a housing shortage, assuring a minimal chance of a price decline,” Lawrence Yun, National Association of Realtors’ (NAR) chief economist, told Newsweek.

While Yun hopes home price appreciation calms down to the more normal rate of consumer price inflation, he noted that for buyers who could stay within budget, the long-term gains have been “quite spectacular.”

However, lending standards have become more stringent. The requirements aren’t as steep as they were in spring 2020, at the beginning of the pandemic, but some lenders are still picky because of high unemployment rates. For example, some banks have raised the FICO score by a 100 points for government-backed mortgages like FHA loans. That means fewer home buyers can qualify for a mortgage.

If you have a secure financial situation, you may want to take advantage of historically low mortgage rates. Even then, you shouldn’t feel rushed, as there’s no indication that rates will be going up soon.

To address more of your concerns about real estate and talk about the best timing and patience strategy for you, Amin Vali Real Estate Investment is available to consult you for as long as you need it.

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