{"id":96163,"date":"2026-06-03T11:45:42","date_gmt":"2026-06-03T18:45:42","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=96163"},"modified":"2026-06-03T11:55:36","modified_gmt":"2026-06-03T18:55:36","slug":"is-now-a-good-time-to-buy-a-house","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/is-now-a-good-time-to-buy-a-house\/","title":{"rendered":"Is Now a Good Time to Buy a House?"},"content":{"rendered":"<h3><strong>Key takeaways:<\/strong><\/h3>\n<ul>\n<li><b>If you have the means, now may be a good time to buy a house.<\/b><\/li>\n<li><a href=\"https:\/\/www.redfin.com\/blog\/is-it-a-buyers-or-sellers-market\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">It\u2019s a buyer\u2019s market<\/span><\/a><span style=\"font-weight: 400;\">\u2014there are 470,000 more home sellers than buyers\u2014giving homebuyers leverage in negotiation.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Mortgage rates are elevated and volatile due to economic pressures stemming from the conflict in the Middle East.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Consumers are wary due to record-high house prices, a difficult job market, and economic uncertainty.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The spring homebuying season is well underway, but the housing market is only beginning to thaw from its winter freeze. After a <\/span><a href=\"https:\/\/www.redfin.com\/blog\/housing-market-year-in-review-2025\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">very slow<\/span><\/a><span style=\"font-weight: 400;\"> 2025, the same sluggish trends are persisting well into 2026: few home sales, limited listings, and near-record monthly costs. The <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-prices-rise-april-2026\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">recent bump<\/span><\/a><span style=\"font-weight: 400;\"> in home sales has also slowed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Adding to the difficulty, mortgage rates recently jumped to nine-month highs amid continued economic uncertainty tied to the conflict in the Middle East. Broader pressures\u2014including political <\/span><a href=\"https:\/\/www.cnn.com\/2026\/02\/09\/politics\/trumps-growing-volatility-is-putting-the-world-on-edge\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">volatility<\/span><\/a><span style=\"font-weight: 400;\">, AI <\/span><a href=\"https:\/\/www.redfin.com\/news\/survey-ai-fears-housing-affordability\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">fears<\/span><\/a><span style=\"font-weight: 400;\">, tariff <\/span><a href=\"https:\/\/www.atlanticcouncil.org\/programs\/geoeconomics-center\/trump-tariff-tracker\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">uncertainty<\/span><\/a><span style=\"font-weight: 400;\">, and a possibly inflated job market\u2014are also weighing on consumers and keeping rates elevated.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A lot is changing, so it\u2019s no surprise that buyers are wondering if now is the right time to take the leap.<\/span><\/p>\n<p><b>In short, whether or not it\u2019s a good time to buy a house boils down to if it\u2019s a good time<\/b><b><i> for you<\/i><\/b><b> to buy a house.<\/b><span style=\"font-weight: 400;\"> Let\u2019s dive a bit deeper into today\u2019s market trends to help you answer: \u201cShould I buy a house now or wait?\u201d<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">From Redfin\u2019s Chief Economist<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">\u201c<\/span><b>Now is a good time to buy a home, if you can afford it<\/b><span style=\"font-weight: 400;\">. Prices keep climbing, which is pushing some buyers out of the market and giving those who remain an upper hand in negotiations. Elevated mortgage rates, the Iran war, and an uneasy economy are making everyone wary, though, and local housing markets vary widely. Buyers serious about making offers should consult a local agent and be confident in their finances and future income.\u201d &#8211; <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Daryl Fairweather, Redfin Chief Economist<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><b>What buyers need to know about the housing market<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Here are some key market trends to keep an eye on and help you make an informed homebuying choice. We\u2019ll cover house prices, mortgage rates, supply, and demand, and inflation.<\/span><\/p>\n<h3><b>House prices are high but slowly leveling out<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The median U.S. sale price is $393,400\u2014up 2.3% from a year ago.<\/span> <span style=\"font-weight: 400;\">House prices are nearly 30% higher than they were five years ago.<\/span><\/p>\n<div id=\"datawrapper-vis-Su4Wf\" style=\"min-height: px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/Su4Wf\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-Su4Wf\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/Su4Wf\/full.png\" alt=\"A graph showing that sellers outnumber buyers by 47% as of April 2026.\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Because affordability has been so strained, many buyers and sellers have been <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-2026-housing-market-mood\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">holding out<\/span><\/a><span style=\"font-weight: 400;\"> for better deals and <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-supply-falls-november-2025\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">higher offers<\/span><\/a><span style=\"font-weight: 400;\">, causing inventory to build up as they wait for the market to thaw. This push-pull dynamic has kept prices elevated, giving some buyers a window of opportunity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But price growth has started to slow as the market undergoes a long, slow reset. Plus, a <\/span><a href=\"https:\/\/www.redfin.com\/news\/april-2026-jobs-report\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">resilient economy<\/span><\/a><span style=\"font-weight: 400;\"> has helped bring back a bit of demand. Home prices have grown by around 1.2% year-over-year since last March, compared to ~7% growth from January 2012 to before the pandemic. <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-predictions-2026\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Redfin predicts<\/span><\/a><span style=\"font-weight: 400;\"> that affordability will improve this year, as wages outpace home price growth and inflation.\u00a0<\/span><\/p>\n<p><b>&gt;&gt;<\/b><b><i> Read: <\/i><\/b><a href=\"https:\/\/www.redfin.com\/news\/from-our-economists\/\" data-wpel-link=\"exclude\"><b><i>Redfin\u2019s Weekly Economic Breakdown<\/i><\/b><\/a><\/p>\n<h3><b>Mortgage rates remain elevated and volatile<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">As of June 2nd, the weekly average 30-year fixed <\/span><a href=\"https:\/\/www.redfin.com\/todays-mortgage-rates\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">mortgage rate<\/span><\/a><span style=\"font-weight: 400;\"> sits at 6.57%\u2014down from last week but still much higher than six months ago.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMortgage rates have been elevated and volatile over the last two months almost entirely because of the war in Iran and its effects on global energy prices and stock markets,<\/span><b>\u201d<\/b><span style=\"font-weight: 400;\"> said <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Chen Zhao, Head of Economics Research at Redfin<\/span><\/a><span style=\"font-weight: 400;\">. \u201cAs oil and gas costs fluctuate, experts and consumers grow increasingly worried about stagflation\u2014a combination of high inflation and slow growth. Many now expect the Fed to raise rates instead of cutting them this year. Time will tell how the war will impact the American economy and housing market, but the longer it drags on, the greater the impact will likely be.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Previously, rates were trading between 6.1%-6.3% since late 2025. Redfin predicts that mortgage rates will average 6.3% for 2026.<\/span><\/p>\n<p><b>&gt;&gt; <\/b><b><i>Read: <\/i><\/b><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-pending-sales-drop-rates-rise\/\" data-wpel-link=\"exclude\"><b><i>Higher Mortgage Rates Push Pending Home Sales Down<\/i><\/b><\/a><\/p>\n<h4><b>How mortgage rates affect housing costs<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Mortgage rates are important for buyers because they directly translate to monthly housing costs. The higher the rate, the more you pay every month. If rates drop, you can save <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rates-decline-purchasing-power-improves\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">tens of thousands<\/span><\/a><span style=\"font-weight: 400;\"> over the lifetime of your mortgage.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s see how your monthly payments change with different rates, using data from our <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Mortgage Calculator<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<div id=\"datawrapper-vis-orXrq\" style=\"min-height: 353px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/orXrq\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-orXrq\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/orXrq\/full.png\" alt=\"\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<h3><b>Buyers have the upper hand<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The housing market strongly favors buyers. Housing inventory has <\/span><a href=\"https:\/\/www.redfin.com\/news\/homebuyer-discounts-september-2025\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">risen<\/span><\/a><span style=\"font-weight: 400;\"> from its post-pandemic low\u2014particularly in the Sun Belt\u2014giving buyers more negotiating power. However, supply is still limited in small parts of the Midwest and East Coast, putting sellers in charge and <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-prices-rise-midwest-2025\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">pushing up prices<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In general, though, high costs are sidelining buyers and putting a lid on home sales. In a growing share of cases, <\/span><a href=\"https:\/\/www.redfin.com\/news\/contract-cancellations-march-2026\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">buyers are backing out<\/span><\/a><span style=\"font-weight: 400;\"> after signing a home-sale agreement, adding to the strain.<\/span><\/p>\n<div id=\"datawrapper-vis-5vxe1\" style=\"min-height: 442px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/5vxe1\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-5vxe1\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/5vxe1\/full.png\" alt=\"A graph showing that sellers outnumber buyers by over 43% as of March 2026.\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<h3><b>Inventory is climbing<\/b><\/h3>\n<p><b>There are nearly 1.5 million homes for sale today<\/b><span style=\"font-weight: 400;\">\u2014historically low but one of the highest monthly levels since the pandemic.<\/span> <span style=\"font-weight: 400;\">This is the primary driver behind today\u2019s buyer\u2019s market. Florida and Texas have the most homes on the market today, by far.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Housing inventory is high because a larger share of sellers are listing their homes than buyers are buying them, with the biggest imbalances in disaster-prone areas <\/span><a href=\"https:\/\/www.redfin.com\/news\/florida-homes-for-sale-record-high\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">in Florida<\/span><\/a><span style=\"font-weight: 400;\">. This gives today\u2019s buyers more leverage for <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-seller-concessions-march-2025\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">concessions<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<div id=\"datawrapper-vis-RkRwM\" style=\"min-height: px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/RkRwM\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-RkRwM\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/RkRwM\/full.png\" alt=\"A graph showing that sellers outnumber buyers by 47% as of April 2026.\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Listings have been slowly rising since March, as homeowners looked to take advantage of the spring buying season. It wasn\u2019t until recently that buyers followed suit.<\/span><\/p>\n<h3><b>Demand is low but warming up<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Homebuyers have been stuck on the sidelines for years waiting for <\/span><a href=\"https:\/\/www.redfin.com\/blog\/most-affordable-cities-in-the-us\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">affordability to improve<\/span><\/a><span style=\"font-weight: 400;\">. While affordability remains a challenge, some are beginning to hit the pavement thanks to a resilient job market and declining recession risk.<\/span><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/wbLl1\/full.png\" alt=\"A graph showing that sellers outnumber buyers by 47% as of April 2026.\" \/><\/noscript><\/p>\n<p><span style=\"font-weight: 400;\">But buyers still hold the upper hand in most of the country. There are far more sellers than buyers, and <\/span><a href=\"https:\/\/www.redfin.com\/news\/stale-housing-inventory-february-2026\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">a majority<\/span><\/a><span style=\"font-weight: 400;\"> of listings have been sitting on the market for more than two months. For those with the budget to buy, this could be a good time to enter the market, as sellers may be more open to negotiation.<\/span><\/p>\n<div id=\"datawrapper-vis-wbLl1\" style=\"min-height: px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/wbLl1\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-wbLl1\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/wbLl1\/full.png\" alt=\"A graph showing that sellers outnumber buyers by 47% as of April 2026.\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Buyers have the most leverage in Sun Belt metros, where inventory has surged thanks to housing construction\u2014especially <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Austin<\/span><\/a><span style=\"font-weight: 400;\">, which is now the <\/span><a href=\"https:\/\/www.redfin.com\/news\/austin-texas-slowest-housing-market\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">slowest<\/span><\/a><span style=\"font-weight: 400;\"> major housing market in America. But there are still pockets of competition. In New York metros like <\/span><a href=\"https:\/\/www.redfin.com\/city\/16162\/NY\/Rochester\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Rochester<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.redfin.com\/city\/2832\/NY\/Buffalo\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">Buffalo<\/span><\/a><span style=\"font-weight: 400;\">, strong demand for <\/span><a href=\"https:\/\/www.redfin.com\/news\/most-affordable-cities-for-homebuyers-2025\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">affordable homes<\/span><\/a><span style=\"font-weight: 400;\"> continues to push up prices and put sellers in charge. The Bay Area has recently seen a <\/span><a href=\"https:\/\/www.redfin.com\/news\/bay-area-san-francisco-home-sales\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">surge<\/span><\/a><span style=\"font-weight: 400;\"> in popularity, too, along with parts of the Midwest.<\/span><\/p>\n<p><b>&gt;&gt; <\/b><b><i>Read: <\/i><\/b><a href=\"https:\/\/www.redfin.com\/news\/most-competitive-housing-markets-2025\/\" data-wpel-link=\"exclude\"><b><i>The Most Competitive Housing Markets in the U.S.<\/i><\/b><\/a><\/p>\n<h2><b>How to buy in an uncertain economy<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">With tariffs, economic whiplash, and volatile mortgage rates, many buyers are wary of getting into the market. Here are a few tips from our economists about navigating this shifting landscape.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Stick to your budget<\/b><span style=\"font-weight: 400;\">: This isn\u2019t the time to stretch financially. Recession odds are lower than they have been, but the economy is still unstable. Make sure you have enough in savings to cover mortgage payments if your income changes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Negotiate, negotiate<\/b><span style=\"font-weight: 400;\">: The market favors buyers, so use your leverage. There\u2019s more inventory, and offers are increasingly coming in below asking.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Be smart about rates<\/b><span style=\"font-weight: 400;\">: Mortgage rates are down but still relatively high. Shop around, compare lenders, and ask about \u201c<\/span><a href=\"https:\/\/www.redfin.com\/blog\/should-i-lock-my-mortgage-rate-today\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">float down<\/span><\/a><span style=\"font-weight: 400;\">\u201d options if rates drop significantly after you lock in.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b style=\"font-style: inherit;\">Sell before you buy<\/b><span style=\"font-weight: 400;\">: If you own a home, consider selling it first. It will give you a clearer budget and help you avoid the risk of carrying two mortgages.<\/span><\/li>\n<\/ul>\n<p><b><i>&gt;&gt; Read: <\/i><\/b><a href=\"https:\/\/www.redfin.com\/news\/buying-selling-renting-home-economic-uncertainty\/\" data-wpel-link=\"exclude\"><b><i>How to Buy, Sell, or Rent a Home Amid Economic Uncertainty<\/i><\/b><\/a><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-88174 size-blog-post\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/11\/1323-40th-St-W-Norfolk-VA-23508--945x630.jpeg\" alt=\"is-now-a-good-time-to-buy-a-house-5\" width=\"945\" height=\"630\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/11\/1323-40th-St-W-Norfolk-VA-23508--945x630.jpeg 945w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/11\/1323-40th-St-W-Norfolk-VA-23508--300x200.jpeg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/11\/1323-40th-St-W-Norfolk-VA-23508--1024x683.jpeg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/11\/1323-40th-St-W-Norfolk-VA-23508--768x512.jpeg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/11\/1323-40th-St-W-Norfolk-VA-23508--225x150.jpeg 225w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/11\/1323-40th-St-W-Norfolk-VA-23508--450x300.jpeg 450w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2023\/11\/1323-40th-St-W-Norfolk-VA-23508-.jpeg 1200w\" sizes=\"(max-width: 945px) 100vw, 945px\" \/><\/p>\n<h2><b>Are you ready to buy and own a house?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">When deciding whether to buy a home in today\u2019s climate, you\u2019ll want to think beyond market conditions and focus on your individual circumstances. Here are some personal considerations to keep in mind.<\/span><\/p>\n<h3><b>Financial health<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Take stock of your current <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-to-save-for-a-downpayment-in-7-steps\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">savings<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/blog\/minimum-credit-score-to-rent-a-house\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">credit score<\/span><\/a><span style=\"font-weight: 400;\">, and <\/span><a href=\"https:\/\/www.redfin.com\/guides\/how-to-get-out-of-debt-to-buy-a-home\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">debt levels<\/span><\/a><span style=\"font-weight: 400;\">. Can you <\/span><a href=\"https:\/\/www.redfin.com\/how-much-house-can-i-afford\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">afford a house<\/span><\/a><span style=\"font-weight: 400;\">? Or does renting <\/span><a href=\"https:\/\/www.redfin.com\/guides\/renting-vs-buying-a-house\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">make more sense<\/span><\/a><span style=\"font-weight: 400;\">?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Housing is a long-term commitment, so you\u2019ll want a solid emergency fund\u2014ideally covering 3 to 6 months of expenses\u2014for maintenance and unexpected costs.<\/span><\/p>\n<h3><b>Monthly budget<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Determine how a mortgage payment at today\u2019s rates might impact your lifestyle. Make sure you can comfortably handle <\/span><a href=\"https:\/\/www.redfin.com\/mortgage-calculator\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">monthly payments<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/guides\/what-are-property-taxes\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">property taxes<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-much-homeowners-insurance-do-you-need\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">insurance<\/span><\/a><span style=\"font-weight: 400;\">, and other <\/span><a href=\"https:\/\/www.redfin.com\/blog\/the-full-cost-of-home-ownership\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">homeownership expenses<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><b>Job and location stability<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Buying a house makes sense if you plan to stay put for several years. A stable job or reliable income is crucial to avoid financial strain, especially if home prices or interest rates rise further.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Choosing your location is also essential. Is your potential home prone to flooding, wildfires, or other <\/span><a href=\"https:\/\/www.redfin.com\/guides\/climate-change-housing-impact\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">climate risks<\/span><\/a><span style=\"font-weight: 400;\">? This is especially important today, as insurers continue <\/span><a href=\"https:\/\/www.nytimes.com\/interactive\/2024\/12\/18\/climate\/insurance-non-renewal-climate-crisis.html\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">dropping homeowners<\/span><\/a><span style=\"font-weight: 400;\"> at alarming rates.\u00a0<\/span><\/p>\n<h3><b>Personal goals and timelines<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Think about life events, like starting a family, retiring, or relocating. These factors can make owning a home either more appealing or potentially riskier if you need to move soon.<\/span><\/p>\n<h3><b>Lifestyle preferences<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Homeownership comes with ongoing responsibilities, like <\/span><a href=\"https:\/\/www.redfin.com\/guides\/home-maintenance-checklist-first-time-homebuyers\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">maintenance<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/blog\/14-tips-for-dealing-with-minor-home-repairs\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">repairs<\/span><\/a><span style=\"font-weight: 400;\">, and <\/span><a href=\"https:\/\/www.redfin.com\/blog\/property-taxes-101\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">property taxes<\/span><\/a><span style=\"font-weight: 400;\">. Ask yourself if you have the time, resources, and a desire to handle them.<\/span><\/p>\n<p><b><i>&gt;&gt; Read: <\/i><\/b><a href=\"https:\/\/www.redfin.com\/blog\/am-i-ready-to-buy-a-house\/\" data-wpel-link=\"exclude\"><b><i>Am I Ready to Buy a House?<\/i><\/b><\/a><\/p>\n<h2><strong>So, is now a good time to buy a house?\u00a0<\/strong><\/h2>\n<p><b>If you have the means and are ready to own a home, now is a good time to <\/b><a href=\"https:\/\/www.redfin.com\/houses-near-me\" data-wpel-link=\"exclude\"><b>buy a house<\/b><\/a><b>.<\/b><span style=\"font-weight: 400;\"> Rates are volatile, and with today\u2019s high prices and uncertain economy, it\u2019s hard to know what affordability will look like down the line. But waiting for rates to fall leaves you at risk of competition among buyers and subsequent price hikes from sellers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a market this unpredictable, the best approach is to be prepared. Know your budget, <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">connect with a local agent<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.rocketmortgage.com\/learn\/mortgage-preapproval\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">get preapproved for a mortgage<\/span><\/a><span style=\"font-weight: 400;\">, and move quickly when the right home comes along. The longer you wait, the more competition you could see.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates are elevated and prices are high, but inventory is up\u2014a mixed bag for homebuyers. 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