Should I Buy a Home Now with these High Interest Rates?
Did you know that last month mortgage rates hit their highest point since 2000? Yes, you heard
that right, the average rate on the popular 30-year fixed mortgage hit 7.48% last month. For
some, high mortgage rates might seem like a valid reason to sit on the sidelines as a buyer. But
here's the thing - that approach has a BIG potential risk because you are now putting yourself in
a VERY LARGE pent-up buyer pool. Here’s a scenario to ponder. As rates do lower…. alll those
pent-up buyers who've been patiently waiting on the sidelines could suddenly flood the market.
And with a limited supply of homes, guess what's likely to follow? Price increases and even
bidding wars, where you ultimately end up paying a whopping 10% more for the home. Instead
of waiting, why not take action? If you're considering buying a home and have the means, go for
it. There are alternatives like adjustable mortgages that could suit your situation. And if the rates
do decide to play nice and lower, you can always refinance. Just remember, waiting might just
mean you'll be shelling out more cash for the home you've been eyeing.
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Whether you’re buying or selling, we’d love to help you!