Buying Now Makes Sense

After pandemic years of historically low mortgage interest rates, the current market rate hovering in the high 7’s feels extremely off-putting. The concern makes total sense. Why would you want to buy now when rates are the highest they’ve been in an entire generation? Wouldn’t you want to hold out until they plummet again? It may surprise you why NOW is actually a good time to buy. 

Refinance Later 

Yes, rates are high right now. But odds are they won’t always be this high. True, the days of 2.5% interest rates are gone and probably aren’t coming back, but it certainly isn’t out of the realm of possibilities for rates to eventually drop back down into the 5’s. You can always buy now and refinance later when rates are more favorable! 

Price Appreciation 

All signs point to home prices continuing to rise. Chief Economist for Realtor.com, Danielle Hale, says that, “Although experts and forecasters have been warning of the potential for home price declines, home prices have been remarkably resilient.” Granted, specific markets will behave differently across the country but you will still be hard-pressed to find major markets experiencing drastic price reductions. Year over year, prices will continue to rise. 

Less Competition

It may be easier to score your dream home now more than ever! Because interest rates are higher than what is considered desirable, there aren’t as many buyers on the market as there were within the last few years. And, because of this fact, buyers have a surprising amount of leverage right now. Similarly, sellers putting their home on the market now are doing so because they simply *must*. This means they’re serious, you’re serious, and serious deals can be made! 

Don’t let a less than favorable market keep you from making the move you’re ready to make!