Should you buy a home with today’s high-interest rates? What is on the horizon for interest rates across the country? Growing rate numbers have spooked many potential home buyers, and since we’re moving into the colder months of the year, only serious home buyers and sellers will be left on the market. So if you’re serious about buying a home this autumn and winter, what do you need to know about the interest rates, and is it wise to still proceed with home buying?
Mortgage rates in the U.S. right now are the highest they have been in years, and many home buyers believe it’s a bad time to be buying a home. That might not be the case for everyone, however. The classic phrase for home buying is “marry the house, date the rate,” which means that if you love the home and plan to live there for a while, have enough for a down payment, and have good credit; buy the home! You can always refinance later, and you can’t wait out the market forever.
Some reasons that you may want to instead wait for a while before buying a new house might include inventory increasing and personal finances. If the market is building, you might want to wait and see what will be available in a few weeks. And if your personal finances aren’t ready for home buying then definitely hold off on joining the home hunt! Only buy when buying won’t make you broke.
Before you put your house on the market, make sure that you find a trusted, experienced real estate agent who will be able to help you time the market and make sure you can afford what you want. We at Treasure Valley Real Estate will be able to help you find the house of your dreams while working around your budget and the current market!