08/23/2024
When mortgage rates are higher... NOW is the time to buy!
WHAT?
Seriously... and here is why:
- When rates are higher, there is less competition, resulting in a wider selection and a better price. It's no secret that inventory is low, and it's hard to find a home in this market that doesn't turn into a bidding war. Higher rates help reduce the number of home shoppers and offers, resulting in less competition for homes and a better price.
- It's like putting money in the bank. Rates may be a bit higher, but so are home prices. Although you'll be paying more in interest, you'll be building equity as home prices rise as well as paying down your loan. While there is no guarantee that home prices will continue to move higher, tight inventory makes it likely.
- Get the house at a lower price now and get the lower rate later. When rates fall, home prices usually move higher as demand drives up the offers. Waiting for rates to fall means you may not be saving anything at all, and could possibly end up with a higher payment instead. If you buy now, you can always look into refinancing when rates fall, and you'll have the lower purchase price AND the lower rate!
Give me a call, email, text, or DM me to talk more about how I can help you own a home, since these rates are not going lower anytime soon.
