Are you curious about the current state of the market? Last year, when interest rates began to rise, they did so too quickly which caused the market to stall a bit. As a result, to correct the stall, interest rates have fallen again and are almost as low as they were at the beginning of last year.
This means that now is a great time to consider purchasing a home before the rates begin to rise again. Keep in mind that for every 1% that interest rates rise, a buyer loses 9% of their purchase power. For example, if a buyer were able to manage mortgage payments on the purchase of a home for $500,000 and rates were to rise 1%, they would suddenly be able to only purchase a home for $455,000 for the same mortgage payment.
What is the message here? If affordability is your priority, you should purchase before the rates rise again. While you might not be seeing homes that check all of your boxes, you should consider homes that check most of your boxes. Don’t miss out on your opportunity to purchase now.
Contact me today to get started on your home buying journey.