Picking the right time to buy a home can be difficult and confusing, but Zillow's director of economic research Aaron Terrazas suggests that the upcoming winter season may be an "excellent" time.
Home payments are already rising as interest rates rise and home price appreciation continues to creep up, and are expected to keep climbing. Rent price appreciation is slow today, or in decline, but next year may also grow in response to interest rate growth. Additionally, more for-sale homes are being discounted by sellers as buyer competition slows down, Terrazas writes for Zillow. The five best U.S. markets for buyers this winter are Orlando, Fla., Boston, Seattle, Las Vegas, and Charlotte, N.C. The projected worst markets for buyers are Indianapolis, Pittsburgh, Cleveland, San Antonio, and Riverside, Calif.
Trying to time the housing market, like trying to time any market, is a bad idea. Even the experts make mistakes, and a home is the most valuable asset that most people will ever own, so it’s especially important not to gamble with it. In the end, the best time to buy a home is always when the time is right for an individual buyer – often when they’re financially ready, when they’re having a major life event that requires upsizing or downsizing, or when they’re moving to a new area.
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