It is TIME....to buy. (Yes, seriously)

Anyone paying attention over the past year or two has seen the real estate market go from a rocket skyward to a rudderless ship. That ship goes wherever the wind takes it. Unpredictable and inconsistent. So why would I say buy now? Well, do you know a thing or two about building equity through real estate ownership? Or maybe you just want to save money? 

If you wait for rates to drop, you are likely to jump back into a market that SO MANY others are waiting for as well. That is a recipe for another increase in purchase prices. Competition will once again force offers to go above listing prices. The spike we just went through saw so many people digging into savings, retirement, and gift funds in order to buy - because the opportunity presented by such low rates made it all make sense. 

If you go look at houses now and find the one you want, you'll be able to buy it at TODAY's list price, and potentially less. The higher rate may keep a lot of folks away from doing that. The rate though, is predicted by many to come down again. The option to refinance should present itself in the not to distant future. 

What does that mean? Since there are too many factors to list for a perfect example - let's just assume that the difference between 7% and 5% in your monthly payment on a $400,000 mortgage is $500. If rates drop that full 2% - and even if that takes a full year - 12 months of an extra $500 is a total of $6,000. 

If you decide to wait for rates to drop, and get into bidding wars and watch the listing prices climb, and climb - the odds are that you will spend WAY more than that $6,000. Back in 2022 people were offering $150,000 OVER and not winning the house. Do you want to deal with that or do you want to get ahead of it? A lot of people were pushed out of the market simply because having that much extra cash is not something we all have available. 

This is a lot and this is a small (and quick) example. If you'd like to sit and discuss, just give me a call/text or shoot me an email. 

Brian 

BrianONeill@HeritageAndMain.com

508-414-7246