There are several reasons why buying real estate right now is a great idea. But We can begin with the fact that real estate is a tangible asset that you can count on to be there when everything else around it collapses! Yes, you can live on it while it grows in value! But, this is only the beginning!
Rates continue to rise and yet people are still buying up real estate. One would ask Why would anyone buy a house in a time when interest rates seem to be going through the roof? Well, what if I told you that rates are going back to a 30 year average? And also when interest rates are low, home prices go up. We experienced something like we’ve never seen here in Florida in 2021 and 2022. Some people paid 10s of thousands of dollars over the asking price to outbid and win over several offers!
Are You Renting?
It’s silly to speculate what the market will do, and when it will do it. Real estate works with the law of supply and demand. If you are renting, you will feel the struggle to find a place when everyone else is looking all at once. The same holds truth when you’re buying. There is a benefit to renting that works for some people, but if you are dropping roots, or thinking of doing so, buying now is a good idea. Especially if you can qualify for a mortgage. Paul Midili Realty works with several lenders and can help you get this process started, if you see financing as a hurdle. As rents start to increase, locking in at a fixed rate may also save you money, and you are building equity in something you will own.
Back to Interest Rates
No one likes or wants to pay more for anything. The idea is to spend less and get more, right? In a market when houses are sitting and getting little interest because the prices are too high, motivated sellers are more likely to come down on their price, and maybe even help with your closing costs. You can always refinance later when the rates go back down, but getting into a place at the right price is the best way to gain. In a market where the advantage is to the buyer, with a good agent, you are sure to find yourself in a good position!