Is Now a Good Time to Buy Your First Home? 3 Questions for to Consider.

The decision to buy a house is not always an easy one. While there are a number of positive reasons why you’d benefit from home ownership, there are serious considerations, too. This isn’t just a question of rent versus buy. It’s also a matter of whether this is a financially sound decision given the current real estate market and a wide range of personal factors. 

The answer to the question of whether now is a good time to buy a house will always depend on you. It’s your decision to make, after all. But if you’re interested to know if the market is in a good position to support that choice, keep reading. Here are three important questions to consider when buying a home.

1. Is it a Buyer’s Market or a Seller’s Market?

If you’re reading this blog post at the time of publication, congratulations. We’re currently in a relatively balanced market, with the advantage often leaning toward the buyer with certain price points and home styles being more popular than others. After many years of pandemic-era premium pricing, low inventory and aggressive bidding wars, things have evened out. “The Great Housing Reset” has brought the market back down to a more status-quo reality—one where buyers benefit from more competitive pricing and a greater inventory of homes to choose from.

Because there are more sellers on the market than active buyers, those who are ready to buy a home often benefit from fewer bidding wars and more substantial price cuts. This trend doesn’t always hold up in hot real estate markets (looking at you, Lake Oswego), but there are plenty of homes that do adhere to these trends. Thankfully, with inventory moving slower than before, buyers can afford to take their time when searching for their dream home.  

2. What is the Real Cost of Buying?

This comes up a lot during the rent versus buy discussion, but the math on buying a home isn’t always straightforward. Yes, a monthly payment where you’re not responsible for repairs, upkeep, property taxes and many other things can be enticing. But there’s also something to be said for investing in an asset that’s likely to return a profit later down the line.

When making the decision to buy, interested parties should not only consider the list price, downpayment, property taxes, moving and closing costs, but also the mortgage rates. Following the aforementioned pandemic lows of 2.5 and 3 percent, the mortgage rates remain consistently volatile and comparatively inflated. Most lenders estimate them to be in the high 6% range, where they’ve hovered since May 2026. With rates in the high 6s, buyers can often negotiate for the seller to contribute toward closing costs to help buy down the rate, and certain loan programs, like FHA loans, offer lower rates for those who qualify.

The other thing to note is that a buyer’s debt-to-income ratio, income stability and credit score can impact the type of rate that’s available. Likewise, buyers often need to be able to cover a 20 percent downpayment in order to avoid paying private mortgage insurance (PMI), another monthly fee that’s added to the cost of the mortgage until that 20 percent threshold is reached. Even with the benefit of lower home prices, that can be a hefty amount of interest and fees tacked on to your base payment.

The question of whether it’s a good time to buy a house depends first and foremost on this question: Can you actually afford it? 

The housing market crash that occurred between 2006 and 2012 gives us a prime example of what happens when predatory lending practices convince buyers they can afford properties that are out of reach. Take a look at your finances and be honest with yourself. The worst time to buy a house is when you’re struggling to pay the mortgage. 

3. Are You Ready to Move and Stay Put?

As we shift from the hot summer housing market to the chiller fall housing market, buyers can benefit from less competition and increasingly motivated sellers. This is another reason why buyers who are ready to purchase a home have an advantage this time of year. If you’ve been thinking about owning your own place, this is a good reason to get moving.

The second consideration here, however, is whether you’re willing to stay put for the next five to seven years. If that seems like an oddly specific timeline, you’re right. This is the estimated amount of time buyers will want to stay in their new home to mitigate the upfront costs of buying. 

Ultimately, if you’re interested in buying a home right now, don’t let predictions about the market hold you back. There’s no real way to time the market factors perfectly, only the perfect time for you personally to decide to buy a home.

If you’re in the place where you can financially afford to take on this investment, let your excitement be your guide. The right home at the right place in the right location is waiting for you. All you have to do is take the first step and find it.

Ready to start looking for your dream home? Check out our current listings here.