Why it is a GREAT time to buy NOW!!
Why it is a GREAT time to buy NOW!
Introduction
I've often heard people say they need to wait until the rates go down to buyer a home. However, I don't think that's true and here's why:
Sellers are offering concessions and credits to buyers. (This can be anything from paying for updates/repairs on your behalf or paying for Prepaid interest for lower mortgage payments for you to help with the transition.)
In a similar vein, you may have heard that sellers are offering concessions and credits to buyers. (This can be anything from paying for updates/repairs on your behalf or paying for prepaid interest for lower mortgage payments for you to help with the transition.) These types of deals are becoming more popular as home prices continue to rise and competition becomes fierce. If you're ready to buy a house but are worried about the rates, these kinds of offers might be just what the doctor ordered!
Appraised value is coming in higher than sales prices especially in this market.
If you are buying a home and you have an appraisal coming up, we are seeing that appraisals are often coming in higher than sales prices. This is especially true in the Fort Worth and Parker county markets! The reason for this is that appraisers are using sold comparables from the last 180 days. The data tells them what the average house has sold for within your neighborhood or area depending on where you live. And those values are looking great for appraisals.
You can refinance once the rates go down.
If you have a fixed-rate mortgage, you can always refinance your loan when the rates go down. This will allow you to save money on interest payments and possibly get out of that high rate early. Certain loan types like FHA and VA have a seasoning period, which means you'll need to wait 210 days to refinance those, however conventional loans can be refinanced right away if rates drop dramatically.
It’s important to note that refinancing isn't always an option—and even if it is, it might not be the best choice for your situation. However, if you're in your 30s or 40s with good credit and stable income who wants more options for cash when rates drop again (which is likely), refinancing can be a great option!
Earn equity now!
The housing market is on your side, so take advantage of it! You want to buy now and save money for the future, while earning equity every day after closing!
Conclusion
We hope that this article has helped you make one of the biggest decisions in your life: buying a home. Remember, there is no right or wrong answer when it comes to purchasing real estate; however, if you follow our tips, we think you will be able to make an educated decision.