Do you want to time the real estate market perfectly and buy at the bottom? It would be a drastic understatement to say that it would be challenging. But why would you buy now with markets well off their highs and rising rates?
Well, I can think of three reasons:
With many buyers waiting for lower prices and fearful of current rates, less competition stands in your way. Gone are the days of bidding 5%, 10% even 20% in some cases over the asking price. Negotiations are not only possible, but they are also occurring daily!
When Rates Go Down, Values Will Rise
One of the largest factors of recent home prices decreasing was rising interest rates, making homes less affordable. Rates hit a peak in February and have been slowly declining since. With recent inflation readings and predictions of lower inflation coming in the next few months, rates will likely come down. Once that occurs, we anticipate many more buyers will be back in the market. More competition means higher prices.
Buy Now, Refinance Later
Rates are higher than any of us like. We get it. But rates will likely come down in the next few months and quarters. Why not buy now, taking advantage of the lack of competition? When rates come down, we can help you refinance and save money!
Want to learn more about our BuyFi program that allows you to refinance for free? Call us today!