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Routing # 307086691 | Wiring Instructions

Monday Messages

Is now a good time to buy a home?

Homeownership is a cornerstone of the American dream, and for good reason -- For most people, their home is their largest investment, and their monthly mortgage payment goes to benefit them in the short and long term by building equity and creating a stable financial portfolio.

As alluring as home ownership is, we are hearing hesitation and uncertainty from our members regarding the process of buying a home, and whether now is a good time to think about making the leap from renting to owning. The home loan professionals at WyHy are with you every step of the way to ensure your comfort and confidence that you are getting the best home loan to help you achieve long-term financial success. Here are the answers to the most common questions our members have when it comes to the housing market:

Is this a real estate bubble like we saw before? Are home prices going to go down?

This is not a real estate bubble like we saw in 2008, and it is unlikely that home prices are going to go down. One of the most significant contributing factors to the 2008-2009 bubble was regulations on mortgage lending. Since then, safeguards have been put in place that ensures that the borrowers who are qualifying for a home loan meet sound financial requirements based on verifiable documentation. For this reason, the likelihood of seeing a surge of foreclosures, which cause home prices to drop, is highly unlikely.

I have heard home prices are high – is now a good time to buy?

Now is a great time to buy! Although home prices have increased, on average, about 17% in the last year, that increase in values has leveled off in 2022. Additionally, the time on the market is returning to baseline with the average home being on the market for about 50 days prior to closing. These changes are allowing buyers to see multiple homes and put in a well-informed offer. Furthermore, homes are closing closer to, or below, list price.

The historic stability of owning real estate is why homeownership is part of the American Dream and likely one of the biggest reasons you want to buy a home – you feel confident it will appreciate and want that appreciation to benefit you. Timing the real estate market is not advisable, you should become a homeowner when you are ready, not when you think the market is “down”.

Ready to talk with one of our home loan experts about your options?

We're with you!