Is it still a good time to buy a home?

October 3, 2026 | Triad Realty Group

You find a house you like. Then you see the payment, look at the interest rate, and wonder whether you should wait another year. That is a reasonable question. Buying a home is a big commitment, especially when groceries, insurance, and everything else already have a place in your paycheck.

Yes, buying can still make sense today. But a good time to buy is personal. A house that fits your budget and your plans can be a sensible purchase. A house that leaves you worried about every bill is too expensive, even if someone tells you the market is full of opportunity.

What the market looks like right now

Freddie Mac reported an average rate of 7.28% for a 30 year fixed mortgage on October 1, 2026. That was up from 7.03% the previous week. This is a national benchmark, not a quote for your loan. Your credit, down payment, loan program, and lender all affect the offer you receive.

The National Association of REALTORS® reported that existing home sales fell 2.0% in August from July, with 4.9 months of supply available nationally. That gives buyers something worth paying attention to: more inventory can create room to negotiate. It does not mean every seller is desperate or every home is overpriced.

Those numbers describe the country. They cannot tell you what a particular house in St. Louis, metro Atlanta, or an Illinois community is worth. Before making an offer, look at recent nearby sales, competing listings, the home's condition, and its price history.

Start with the payment you can live with

A lender's approval tells you what you may qualify to borrow. Your household budget tells you what you can comfortably spend.

For example, a $240,000 loan at 7.28% over 30 years has a principal and interest payment of about $1,642 a month. That calculation excludes property taxes, homeowners insurance, mortgage insurance, association dues, and maintenance. It is an illustration, not a loan offer. The actual monthly cost will be higher once those other expenses are added.

Ask for a written estimate of the full payment and the cash needed at closing before you get attached to a house. Get an insurance quote for the actual property. Check how property taxes could change after purchase. Then leave room for normal life: car repairs, child care, travel, and the occasional expensive surprise.

Negotiate the deal that helps your budget

A lower asking price is only one way to improve a purchase. Depending on the property and the seller's situation, you may be able to negotiate a closing cost credit, repairs, or a closing date that saves you from paying for two places at once. Credits are subject to loan rules and lender approval.

If a builder advertises a special rate, ask what it costs, how long it lasts, and what the payment becomes afterward. Compare the complete offer with another lender's estimate. An attractive first year payment does not tell you whether the house is affordable in year three.

A home that has been listed for a while deserves a closer look. Ask why it is still available. Sometimes it is the price. Sometimes it is a roof, water problem, awkward layout, or location. Negotiate with facts, and keep an inspection in your plan.

Do not build your budget around a future refinance

It is tempting to say, 'We'll buy now and refinance when rates drop.' Treat that as a possibility. Rates may not fall when you need them to. Refinancing also involves costs and a new approval, and your home's value and your finances will matter.

Buy only if you can manage the loan you are taking today. If a lower rate becomes available later and the numbers justify refinancing, you can evaluate it then.

When waiting is the better move

Waiting can be smart if the down payment and closing costs would use nearly all your savings, your income is uncertain, or you expect to move again soon. Selling a home costs money, so a short stay can make it harder to recover what you spent buying and moving.

Use the time with a purpose. Reduce expensive debt, improve your credit, build a repair reserve, and learn what homes in your realistic price range actually offer. Renting while you prepare is a valid decision.

Look beyond the listing photos

A fresh kitchen is easy to notice. An aging heating system, moisture in the basement, an association's finances, or a long daily commute can matter much more after you move in.

Visit at different times of day when possible. Ask about roof and system ages. Review inspection findings and get estimates for major work. Consider how the house will fit your daily life, not just how it looks on your phone.

So, is it still a good time?

It can be, if the payment works today, you have money left after closing, and the home fits your plans for the next several years. You do not need to predict the lowest rate or the lowest price. You need a purchase you can explain and afford.

At Triad Realty Group, we can help you compare homes, review recent sales, and work through the questions that matter before you make an offer. Bring your comfortable monthly budget and the things you need a home to do for you. That is a useful place to start.

Contact Nichelle Womack at nwomack@thetriadrealtygroup.com. Missouri and Illinois: 314 272 0680. Georgia: 404 410 6260.

Sources checked October 3, 2026

Freddie Mac, Primary Mortgage Market Survey, October 1, 2026: https://www.freddiemac.com/pmms

National Association of REALTORS®, August 2026 Existing Home Sales: https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales