Don’t let rising interest rates stop you from chasing opportunities.
Many buyers have thought about leaving the market because interest rates have made buying homes more expensive. Perhaps some of you already have. The changes our market has undergone may seem dire, but there are a few upsides to rising interest rates.
Because other buyers have jumped ship to wait for rates to go down, you’ll have less competition. You can bid on a home without having to rub shoulders with 20 other buyers who all want the same property. More properties have come on the market in the past few months, so you have more options. Plus, we don’t believe that interest rates will stay this high forever; if you buy now, you can always refinance when rates drop again.
Rents are on the rise nationwide, but homeownership remains a stable investment.
Remember that there are a variety of benefits to being a homeowner. The higher your interest rate, the higher your tax deduction will become. You get to take advantage of appreciating home values, which increase your personal wealth, and you can make whatever changes to the property you want.
In the end, why pay down someone else’s mortgage as a renter when you can pay down your own? Rents are on the rise nationwide, but homeownership remains a stable investment.
If you have any questions or would like to speak in more detail about why now is a great opportunity for you to buy a home, give us a call or send us an email. We’d love to hear from you.