06/28/2023
Lately you're hearing constant advice like this:
" Now is a good time to buy, don't wait for the rates to go down or home prices to go down".
I've been telling my clients this for as long as I've been a Realtor. You see, in my profession, you follow the trends in housing, and can compare home prices more easily than someone not in our profession.
For instance: I had a client 3 summers ago looking for a home up to 350k, who wanted a 1/2 acre or more, new build. So I showed him MANY that were available at the time. Beautiful homes, acreage he wanted and even below the 350k ( 325k actually) price cap he wanted in place.
He decided he'd wait until home prices went down some 😔...I kept up with him periodically and told him they're going up...get in now for that equity!! He waited and waited. He ended up buying last year at a cost of over 550k !!! Same builds, same half acre! Paying 220k MORE & a higher interest rate.
Now, one day he'll have the equity because AT LEAST he finally bought something, and is investing in it, but the waiting is sometimes the worst thing you can do.
Interest rates aren't horrible at all. People just entering the home market think they seem high, when in reality they are very do able. If you bought now, you could always refinance that rate in the future if the opportunity presents itself.
Remember this:
Real Estate prices do fluctuate, BUT investing in yourself is never a bad idea. Paying your OWN mortgage every month means you're paying YOU, investing in your future, not someone else's.
No one has a crystal ball to predict the rates or the rise and fall of home prices. However, taking advice from a professional is usually a good idea.
My husband and I have invested over the years IN OURSELVES with REAL ESTATE and the payoff was tremendous.
Have a fantastic day, and call me if you want to discuss purchasing a home in Central Texas !