Ready to Buy?

Now is a great time to buy. You may think I am crazy for saying that but it's true. There are a number of factors as to why I believe that statement is true. 1) Yes, interest rates are higher than what they were a year to 18 months ago BUT they aren't as high as they were in the 80's when people were paying 12%- 15%+ interest rates. 2) Odds of you being in your home for the term of a 30 year mortgage are slim. Most people move every 7-10 years. And while you're in that home, you are more than likely building equity and will have more money to put down on your next home. 3) No one ever mentions when talking about interest rates that you can refinance to a lower rate when rates drop. When refinancing, some banks offer a flat fee, other's refiance the loan for a 1% origination fee (plus other fees) and some waive the appraisal fee if it's in a certain number of months of the original loan. It's about running the numbers and seeing what makes sense for you in the long run. That's where the saying comes from “Date the Rate, Fall in Love with the House”. As long as you can comfortably afford buying your home at the current interest rate then now is a great time to start looking. Hint: If you do refinance, keep paying your current payment and put the difference towards your principal, it will literally take months off your mortgage, possibly even years. 4) I feel that house prices have stabilized. I don't believe we will see the bidding wars of $20k-$50K+ over the asking price that we saw in 2020/2021 in the near future. The market is always changing though and working with a Realtor that understands that gives you a step above the rest. 5) Shop around for your loan, visit with 2 or 3 banks, credit unions and lending institutions. Each will offer different programs, interest rates and terms. This is so you can feel confident in your decision when you pick a financial institution. 6) I would be happy to share a list of local lender's in the area to get you started. In closing, I hope you feel more at ease with the current interest rates and know that I am here to help you at every step of the way in your home ownership journey.