Is now a good time to buy?There is a lot of buzz about what to do with rising interest rates. What does this mean and is it a good time to buy a home? The answer is yes because as a buyer you have a lot of great options. Here are 10 reasons why it is a good time to make a purchase:
- You do not have to worry about making an offer against 10 others and worrying that the prices will escalate much higher than you can afford.
- Less competition allows you to financially plan for a purchase. You can assess how much you want to put down and what your monthly mortgage will be.
- 3. You can ask for contingencies again. This includes financing and appraisal contingencies that help you feel protected from contract to close.
- You can ask for a home inspection again. That will give you peace of mind and can also help you to prepare a budget for repairs if needed. Or better yet, ask the seller to take care of the repairs which is money in your pocket.
- You no longer have to worry about offering a free rent back to the sellers. This could have cost you up to two months of extra payments.
- You have a bit more breathing room. If you see a home you do not have to write that day unless that particular home is generating a lot of interest.
- If you make a purchase you are not married to the rate. Once rates go down you can refinance. The good news is that you will be creating equity instead of paying rent from the very beginning.
- Rents are going up so why not own a home of your own? Enjoy the pride of ownership and the tax write offs.
- There are new loans out there to assist with these higher rates. Talk with a lender today and see what loan programs fit your needs. If you need a contact please call me and I can help.
- Do not not buy waiting on interest rates to change. Buy the house, refinance, and live your best life!