The question of whether or not it is worth it to buy a house among housing shortages and raising costs is on nearly every adult's mind. Am I paying too much? Should I buy now or wait for prices to drop? Will prices continue to climb at such an insane rate? These are all valid questions, but the short answer remains the same. The best bet, if you are wanting to buy is: buy!
Homeownership is a worthwhile investment. By owning your home, you are able to make the changes you want (within reason and with proper permitting if applicable). This means you can paint your guest room hot pink on a whim; something you definitely could not get away with in a rental. With a mortgage, you are locked into a set payment (with a fixed rate, of course), whereas rental rates continue to climb every single year. Pets, plants, aquariums... they are all on the table. These may seem silly, but they are all valid reasons to seek ownership over renting.
With that being said, cost-wise, prospective home buyers can take a big sigh of relief. According to the National Association of Realtors, prices will rise in 2022, but only at about 1/3 of the rate they raised in 2021. Mortgage interest rates remain comfortable as well. So if you plan to buy some time in 2022, you don't have to worry too much about prices skyrocketing, nor do you have to worry about losing your investment with a huge dip in home prices.
In short, it is still very worth it to purchase a home you can call your own. If we can help you make that dream a reality, give one of us a call! We would be happy to do so.