Is Now the Time to Buy?

I know all the talk about interest rates rising can seem overwhelming or make it feel like it isn't the "right" time to buy. But here's an interesting scenario to consider...

Let's say you were eyeing a home priced at $1M last year.In the competitive frenzied market, it's likely you would have had to bid the home up substantially AND waived your contingencies to even have a shot.So, let's say you were able to get that home for $1.3M instead of $1M with a 4.5% interest rate, but you had to also waive your inspection to do so...

Flash forward to today and let's say you could get the same home for that initial $1M price tag, but at the new rate of 6.5%. PLUS you could have an inspection contingency AND not have to waive your appraisal.

Now, here's the kicker, what if I told you that your principal and interest each month would actually be LESS TODAY at the higher interest rate? True story.

The higher inventory we are seeing is making the market less competitive which means it is a great time to snatch up a home without all the competition and without having to bid over list price.When rates go down, which they are predicted to do, you can refinance down to the lower rate.

The moral of the story here is this: though rates are higher today, competition is less. Don't wait to buy until rates go down and competition is high again.Get in now competition free and start earning equity ASAP!

Special thanks to Ryan Niles and team for this infographic below! If you are curious about buying in this market, please reach out to me or him and we'll get you on the road to home.