Here’s why it still makes sense to purchase a home in this market.
Recently, I was talking to some buyers, and they were expressing how difficult this market can be. They had just lost a few bids, and the Federal Reserve announced that interest rates were increasing again. It seemed that no matter how hard they looked for properties, there was nothing on the market for them.
I could tell they were frustrated, and I understood where they were coming from. However, if you’re a buyer, it still doesn’t make sense to wait to purchase a home.
Interest rates are projected to increase throughout 2022, but so are rental prices. Would you rather pay a higher interest rate on your own home or pay someone else’s mortgage via rent? It’s true that inventory is sparse right now, but unfortunately, this situation isn’t projected to end until 2025.
If you’re comfortable renting until then, maybe you should consider sitting out of the market. However, if you want to lock in your monthly payment and start building equity, I believe it is still a fantastic time to buy a home. You’ll end up saving money in the long run.
If you have questions about today’s topic or need help finding your dream home, give my team a call or send an email. I’d love to hear from you!