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Contact: (817) 937-8532
Spencer TX Real Estate
Your Home. Your Future. Our Priority.
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Home is Where Love Lives.
Waiting to Invest in Homeownership
Even though interest rates have dipped below 6%, I still hear people saying how they’re going to “wait to buy until rates are below 3% again”.
This is a terrible idea. I understand, 6%, 7%, – even 5%, interest rate changes the amount of house you can afford.
But stay with me, there’s more to consider than rate alone.
Historically, Not likely
While you patiently wait for interest rates to drop (to historically, once in a lifetime low levels), home prices have historically, and are predicted to continue to outpace inflation. Even in slow markets in slow markets home values have outpaced inflation.
Fixed Rates vs. Increasing Rent Costs
Rent prices are resetting, and increasing each year. By renting, you build equity for the landlord, not yourself. Rents on average, go up every year. However, with a fixed rate mortgage, you know exactly what your monthly payment will be (for the next 20 to 30 years).
Buyers can be picky
Right now, (with inventory being exceptional in many markets), Buyers have many options and can often find a good deal on a great house.
Seller Concessions and Rate Buy-Downs
Many Sellers are willing to offer a Buyer concession of some sort, and really the best option (imo), over the long haul of the mortgage loan is a rate buy-down.
Lower Interest Rates, Higher Overall Sales Price
Waiting to buy until rates are exceptionally low puts you in direct competition with other Buyers. This leads to bidding wars, offers over asking price, limited supply and not enough time to make an informed decision.
Waiting to buy a home is waiting to invest in your future, and put plainly, a gamble.
Assuming we’ll ever see interest rates that low again, is the real risk.
