We know the current market can be confusing and alarming when interest rates increase and discussions of a recession are on every media outlet. Despite the headlines, if you are waiting for the best time to purchase a home, the time is actually now. Here are a few reasons why you should buy a home today versus "waiting out the market."
While the significant price hikes we have seen recently may slow down, overall home values are not predicted to fall. In fact, Fannie Mae predicts that home prices will increase by 10.8% in 2022. This is largely driven by the supply and demand imbalance in the housing market, so unless supply increases exponentially or demand falls dramatically home prices are not projected to go down anytime soon.
Yes, gone are the days of the lowest of historical interest rates, however, our current 5-6% interest rate is still historically low. In fact, until about 20 years ago, mortgage rates generally remained above 7.5%, and were even as high as 10-17% in the 80s and 90s. Learn more about historic interest rates from our preferred lender, CMG Financial.
Are interest rates still holding you back? Did you know that you can reevaluate your rates if they improve? CMG Financial has many tips and tricks to get you into your dream home now and can help you refinance if needed in the future.
The supply-demand mismatch is not only affecting home prices, but also the affordability of rent. Nationally, this year, the price of rent has increased substantially outside of renters' control. With a mortgage, you are in control of the monthly amount and there are many financing options available to keep your payments where you need them to be.
Now is the time to buy and your dream home is waiting! Get pre-approved with our preferred lender CMG Financial, browse our available homes, or call Kendra & Avery at 970-632-6385.