Homes are on Sale!
We have been asked a lot lately about whether this is the right time to buy a home. Even with higher interest rates, we are continuing to encourage our buyer clients to be actively pursuing purchasing their home. Why is this? Homes are on sale right now! Adding to the equation, competition isn’t as high, meaning you typically don’t have to escalate your offer above asking price, waive your financing, waive inspections or make other concessions that our buyer clients had to do to secure their home for the past 3+ years.
Even with this information, buyers continue to struggle with the increase in interest rates. We understand, with the record low interest rates that we had seen over the past number of years, having interest rates climb into the 5s, 6s and even 7s can feel daunting. The expectation is that rates will drop again, maybe not into the 2s and 3s, but it will drop below our current rates. So, if you are on the fence about buying a home because of the interest rates, keep in mind that you can buy your house on sale now, with less competition and refinance in the next 1-3 years when the rates dip.