Interest rates on mortgages hit historic lows during the height of COVID, making it easier for many people to refinance or purchase their first home. Couple that with telework and eliminating commutes, and many Americans are upgrading to homes with dedicated office space or moving to more rural areas.
While the market is booming for some, others are struggling with home insecurity and uncertain about where their next rent or mortgage payment is coming from.
So is now a good time to buy a new home? It really depends on your personal circumstances. While no one can predict a crash, the old adage tells us that what goes up must come down. Competition for homes is high, and since supply is low, families may buy at inflated prices.
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