First off, let's just be real and say, of course we all would love a 2-3% interest rate! But, those rates were historically low and unlikely to come back around anytime soon. With that being said, I do believe there are benefits to buying a home right now, even with the current interest rates! Hear me out...

The increased rates have caused many buyers to hold off on their home search, so when rates do fall, a LOT of buyers are going to be entering or re-entering the market. (Experts are predicting that rates will slowly start to fall later this year and into 2024, but we will have to wait and see how it all goes.) Whenever that does happen, the increase in buyers will increase the demand for the limited number of homes on the market.

We have a home inventory shortage right now as well, since many home owners don't want to give up their low rates to move, if they don't have to. So the buyer demand will then push home prices higher and here's the thing, you can't refinance the price of the mortgage, but you CAN refinance your interest rate!

The competition is low right now. You could get into a home you really want without having to compete in a multiple offer situation that could drive up the sale price from the sudden increase in demand, or miss out on the home completely because of a stronger offer.

We are also seeing more seller concessions right now, that won't be as likely when there are more buyers vying for a home. A few ways to use seller concessions are for any repairs needed, toward closing costs, or buying down your interest rate. There are also rate buy down options available through a lender (I can point you in the direction of my team of amazing lenders, no pressure to proceed but they will inform and educate you on where you are and where you need to be).

Let me ask you this, what is your WHY for considering buying a home? Do you need more space so you can cut out physical and mental clutter? Have a dream neighborhood you've always wanted to live in or want to be closer to your family? A living room and kitchen where you can entertain your friends? Have a home office since you have the option to work virtually now? Whatever it may be, ask yourself what is most important, your interest rate or lifestyle?

Interest rates will always fluctuate, but something that wont is my belief in homeownership. It is such an amazing way to build your wealth & legacy. And remember, you have the option to refinance later when rates come down!

So don't let the doom and gloom from the media scare you. You have options, and just know that you can never perfectly time the market, but there will be a perfect time for your UNIQUE situation!

I am here for you and happy to chat with you anytime if you have questions or want to begin the process. You can book an appointment with me, or fill out the contact form right here.

Signing off with a digital pen and a heart full of gratitude,
Ashley