I’m discussing whether now is a good time to buy or if you should wait.
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Should you buy a home now or wait? This is a question we’re getting asked often these days. The answer is no, you don’t have to wait, especially if you’ll be getting a mortgage. With rates in the 3% range, your buying power is much greater now than ever before. It’s only a matter of time before rates increase again.
Here’s a good example: Not long ago, rates were at 6%. For a $300,000 mortgage, you would pay $1,800 per month, including principal and interest. Today, that same $1,800 mortgage payment correlates to a house worth $425,000. That means your buying power is $125,000 greater (or more) with today’s rates.
If you’ve been thinking that prices are too high or the real estate market is too competitive, think again. Even if prices were to drop by $50,000 but rates rose, you’d likely still pay more monthly, and you’ll regret not making a move now. Buyers are in a good place these days.
If you have any questions or want to discuss real estate, please reach out to us via phone or email. We’d be glad to help you.