Don’t be a victim of missed opportunities! The time to buy a home is now, and procrastination is no longer an option. In today’s economy, homeownership is an absolute MUST and missing out on the benefits of homeownership is a terrible mistake. The cost of waiting is too high and the risks are too great.
A TRUE STORY
Consider this story of a family who was pre-approved for a mortgage in early 2022. They were told by a well-meaning family member to wait until home prices went down. They thought they would be smart and wait for the best deal. They came back to the market this year with the idea of finally buying their dream home, only to find that the market has changed.
Home prices were no longer being sold at overinflated prices, but the value of homes has gone up. The same home that was once valued at $650,000 is now worth $800,000. And, with the increase in rates, the family can no longer qualify for the home price they want. They originally qualified for a 3.5% interest rate, but now, they are looking at a 6.5% interest rate. This increase in rates has changed everything, and they now qualify for much less than they did last year.
YOU DON’T WANT TO BECOME A REMORSEFUL TALE FOR BUYERS NEXT YEAR
Homes will continue to appreciate, at a national average of 4.5% increase a year. In ten years, the value of your home can double. While we don’t know where rates may head, one thing is certain, home values will consistently appreciate, year after year.
Waiting to buy a home may seem like a smart decision, but it might make you miss out on the homebuying opportunity completely. With rates at where they are right now pushing competition on homes down, sellers are more willing to work with buyers. The market is constantly shifting and changing, and right now is one of the few buyers’ markets we might be seeing for a while. The winds may shift quickly to a sellers’ market, and you might lose any advantages as a buyer that you might have had this year.