08/09/2023
A conversation today about buying while facing these higher interest rates… and what you should consider.
No one wants to buy when they are facing 7% interest rates but consider this… when rates drop… all the buyers that have waited bc they couldn’t get a home in 2020-2022 bc there was so much competition will come back out and start looking again.
Then you are faced with a market flooded with buyers and we are back into bidding wars and interest rates won’t have dropped enough to make the higher purchase prices worthwhile.
If you get into a home now, even with the higher rate, you are facing a market that has slowed down for sellers bc some agents are overpricing homes still thinking we are in that competive market from the past few years… and now homes are sitting for a little bit = less competition.
Then you refinance your higher rate with the lower rate when it comes…
And bam… you are in a win win scenario again.
The rates of 2.5-3.5% we won’t see again for a very long time of ever again minus a drastic market shift like we had in 2020.
Good for thought.
Message me if you want to chat more.