Is Now the time to buy a home when interest rates have gone up?
YES IT IS!
Why you ask?
Because the rise in interest rates has help reduce the competition among buyers. It hasn’t eliminated competition, but it has helped some. Rates are already trending down and they will continue to come down. As that happens the buyers will flood the market again, and we’ll be back into the crazy competitive market we saw last year. The low housing inventory is a nationwide problem and it’s not changing anytime soon. This is exactly when I would purchase a home and then refinance when rates come down. I don’t see the rates ever getting as low as they were last year. I don’t want to see them that low again. That market was crazy difficult for buyers. So, unless you are in your forever home don’t wait! If it’s your first home…don’t wait! If you want to build a home….don’t wait!
Tobi Castelli
REALTOR
