Should You Buy a Home Now Despite Mortgage Interest Rates?
Over the past four years, home prices have steadily increased, making real estate a strong investment. While mortgage interest rates fluctuate, historical trends show that waiting often leads to paying more for the same home later.
Why Buying Now Makes Sense:
- Home Prices Have Continued to Rise: Real estate values have increased year after year, meaning delaying a purchase has historically led to higher costs.
- Start Building Equity Sooner: The longer you own a home, the more equity you build, helping you grow wealth over time.
- Potential to Refinance Later: If rates drop, you can refinance and lower your monthly payment while already benefiting from home appreciation.
- Market Competition Increases When Rates Drop: When interest rates decrease, more buyers enter the market, leading to bidding wars and higher prices.
The Reality of Waiting:
Many buyers who waited in previous years ended up paying more for the same property. If you find a home that fits your needs and budget, purchasing now can help you avoid further price increases and allow you to start building equity immediately.