Buyers should be taking advantage of our current real estate market.
Many renters have thought about buying in the past but have wondered when is a good time to buy. In the last two years, prices have been really high, and have continued to climb. Some renters have become discouraged and are thinking that it’s too expensive to buy and that they should just continue renting. Today I want to talk about why renters should get off the fence. Here are three points you need to consider:
1. Rental rates will continue to rise. As rental rates keep increasing, the question you have to ask yourself is, “Am I willing to keep paying somebody else’s mortgage?” As rates increase, consider paying for your own mortgage instead.
“Now’s a good time to enter the market.”
2. The market is correcting, and there is a great opportunity to buy your first home. Interest rates are high, but now we’re seeing homes that were selling fast before sitting on the market a little bit longer, and sellers are willing to negotiate more. Past buyers didn’t have room to negotiate because there was so much demand for properties. Demand has gone away, but there is now a higher chance of your seller paying your closing costs, which would keep your payment down.
3. Rent is at a 100% interest rate. When you’re renting a property from a landlord, what does it matter what the going interest rate is? When you are paying rent to another person who owns the property that you live in, you’re actually paying 100% interest. Have you ever thought about it like that?
Now’s a good time to enter the market. Come and talk to us about how we can maybe get you some incentives that can help drive the interest rate down for you. If you have any questions, reach out to us by phone or email. We’re happy to help.
