8 Reasons To Make A Move Even Though The Rates Are Higher
With the hike in interest rates, buyers are dropping from the market like dead flies. Does that mean that this is a bad time to buy a home and you should wait too? Or is it a window of opportunity? While the rates can take your breath away, it also offers breathing room from the crazy, competitive market we have had over the last 2 years. Here are 8 reasons why making a move now can still be right for you!
1. The rates are not THAT high
You have probably been told a million times already that in a longer historical perspective, the rates are not that high. Let’s hope double-digit rates will forever stay in the 1980s!
2. Absolutely no patience
You have been saving forever, and of course, the rates went up right when you were ready, and now you have NO patience to wait any longer, and also your dream home just hit the market. I say follow your dream!
3. More space
You are living in a 3/2, have the 3rd baby on the way, and now grandma needs to move in too. It’s time to pack them bags!
4. Cash is King
You got 99 problems but buying a house is not one of them because you got $500,000 in cash hidden under your mattress. Let’s go shopping!
5. YOLO
You make good money and can swing a large mortgage payment but couldn’t compete with buyers paying for inspections up front, all closing costs, and appraisal gaps because YHNS - You Have No Savings!
6. Rent is through the roof!
You pay $1,500 or more in rent. More buyers on the fence puts more pressure on rent. With a 5.75% rate on a $250,000 home, your monthly payment will most likely be $1,700-$1,800*. Oh, is that what you are paying for that 2/1 condo downtown? Don’t pay someone else’s mortgage!
7. Downsize
You can pay cash for your new house, but you must sell first. Making an offer contingent on selling your current home has been hard, but this option is now back on the table!
8. Life Change
Divorce, death, job change… Life happens, and I’m here to make at least one thing less stressful for you.
*Contact a mortgage lender for a more accurate estimate based on your financial situation.
