You may think I’m crazy but now is still a good time to purchase a home. It would seem like common sense to wait for the rates to go down. Here are a few reasons why buying a home in this market makes sense:
There is less competition with everyone waiting for rates to drop. You could end up in a bidding war and pay more for your dream home. Right now, you will have negotiating power!
Your Realtor can negotiate a lower purchase price or obtain seller concessions to help with closing costs. With inflation in todays economy a little financial help couldn’t hurt.
You will also start a path to building wealth through your home equity. If you are currently renting 100% of that goes to someone else. Homes have a steady history of appreciating like rent (exception from the harsh 2008 crash). Your mortgage payment won’t go up but the rent surely will.
If we aim to make your monthly payment to your budget the rate itself isn’t as scary. The rates are predicted to go down in 2027; we can always look at refinancing opportunities. The truth is there isn’t really any perfect time to purchase. It all depends on your needs, financial situation, and willingness to purchase.
Let’s explore your options, you may be closer to homeownership than you think. Reach out today and let’s play with some numbers and create a strategy!
