Rates have gone up. The market is crazy. Everything’s a multiple offer situation. There are so many competitive bids out there. Is it even worth trying to buy a house?
There are lots of reasons like that, that I hear people say every day and I’m here to tell you that especially if you’re renting, you may not want to wait until the market crashes or wait until things cooled down. Yes, rates have ticked up just a little bit, but they are still historically low. Also, if you think about the fact that a $300,000 home with 5% down, your mortgage payment is going to be somewhere around just under $1,800. If you put 5% down, your rent may be $1600, $1700, $1,800 right now. Think about it this way. That year that you’re waiting for that market to cool off, you will be spending $1,600 a month paying the equity in your landlord’s mortgage. Wouldn’t you rather be building the equity towards your own future, paying off your own home than paying somebody else’s? Also, just like home prices are going up, rental prices are going up at the same time. So, don’t wait so long that you get stuck in a cycle of having to continue to pay rent while the prices continue to go up just because you’re waiting for some imaginary crash. Don’t wait for it. It’s probably not going to happen for a really long time. If you’re thinking about buying a house or just dreaming about buying a house, give me a call. Send me a message. Ask me a question. I’m happy to talk to you and I’d love to walk through whether or not it is really a good time for you to buy.