Reasons To Be Glad That You Did Not Buy When Mortgage Rates Were Super Low
- Now that rates are 6 to 7% range some buyers feel that they missed a lifetime opportunity and regret not buying sooner.
- Know that some buyers that did buy when the rates were low may want to switch places with you now even with higher interest rates in place.
People Who Bought Between 2021-2022 Have Some Of The Following Regrets
- Fewer houses to choose from
- Prices were constantly rising
- Paying over asking price
- Extreme pressure to make quick decisions
- Not able to do research on the houses
- Sometimes for going home inspections
Four Reasons Why Now May Be A Good Time To Buy
- Hedge against inflation period stabilize your monthly payments against rising rents
- More houses to choose from and lower prices. You can always refinance your mortgage when rates go down in the future.
- Sellers have not had to negotiate on price or terms over the past couple of years, with the changing market sellers maybe more willing to negotiate.
- It could become harder to get a mortgage because as recession happens mortgage companies become more cautious.
It is easy to feel like you missed an opportunity with low interest rates, however it is also easy to forget the downsides that came along with the low interest rates and not the benefits of buying now.
The market is never perfect!
You need to weigh the pros and cons for your situation
PROS TO BUYING NOW
- Take advantage of house prices stabilizing or coming down
- Hedge against rising rates, rent and inflation by buying a house
- There are more homes to choose from now
- More time to think about the options
- More potential to negotiate
Every real estate market is different from one area to another. So, consult your real estate agent for an in-depth advice whether now is a suitable time for you to buy in your preferred area and price range