If you’re in the market for a new home, it’s tempting to hold off on the purchase and wait for the perfect time. If you’ve been keeping up with the current trends, you might already know that now could be the perfect time. Here are the reasons…

Interest Rates Are Starting to Drop

The current interest rates for the AHFC First Time Home Buyer program are hovering around 5.75% at the time of writing this and the 30-year Conventional rate is around 6.5%. While this rate may seem high to some this is more than 1% less than what it was just a couple months ago.

More Buyers Will Be Entering The Market

Experts predict that interest rates will continue to decrease, which could lead to a flood of home buyers entering the market. With rates being low, those who have been waiting because of the higher rates will likely start their search. This means it’s important to act fast when you see a home that fits your needs as competition will be growing.

Prices Could Increase Due to High Demand

With the combination of low inventory and more home buyers entering the market, prices could increase due to the high demand. As competition increases, some buyers may be willing to pay more for their dream home. This is why it’s important to have a clear understanding of your budget and the maximum amount you’re willing to spend on a home.