Thinking of buying? Why buying now may actually be your most brilliant move.
If you are thinking to purchase, this market may have discouraged you a bit.
Here’s a few financial things to consider if you are currently renting, and first steps towards your home purchase should you decide to move forward.
- Rent paid this year is cash out of pocket, plus you don’t get the write off of having a mortgage and you aren’t gaining appreciation. So figure that equals whatever you are paying in rent x 3.
- Home prices statistically and historically continuing to rise. So, the same home you might buy today, will most likely be quite a bit more expensive next year. Depending upon your price point that could be $40,000 to $100,000 more…. appreciation that could be yours if you had purchased it.
- Interest rates are expected to continue to rise. They doubled in just the past few months. Every .25% increase to an interest rate can make a several hundred dollar a month difference to a mortgage – again it depends on the amount of the loan.
So in my opinion it’s still a great time to be buying a home, even though the market is competitive and a bit stressful.
To have the best experience and success with the process you need two things:
First an exceptional lender. If you don’t have one please reach out I can connect you to resources. Trust me they are not all created equally. Being pre-approved for your loan is critical before shopping. You want to know what your payment will be, what you are pre-approved for and that paperwork must be submitted with your offer when you find a home.
Second an exceptional agent. You need an agent who is resourceful, responsive and creative. You need an agent other agents want to work with and who has a stellar reputation. I am all of those things and more and would be honored to be of service!