11/08/2023
“Prices are too high”
-Prices are only going to keep going up over time. This is a historical fact! You either suffer from it as a renter or you capitalize on it as a homeowner. 90% of millionaires acquired their wealth through owning real estate.
“Interest rates are too high”
- While rates have increased significantly over the past couple years, they’re just now getting back to their long-term historical averages. They may come back down in the future, but prices will continue to rise while you wait.
“I’ll just wait for the rates to drop”
-Every buyer that waits is going to pay more for their next home and become part of the feeding frenzy of pent up buyer demand that will drive the next crazy price increases if and when rates come back down.
Right now you can negotiate the purchase price. If rates drop, you can refinance. However, if rates drop and all the other buyers that were waiting jump back in, you absolutely won’t be able to negotiate on the price and you’ll probably pay far more for the same house than you would right now.
