Published: October 10, 2022
Well, by now you have probably heard that interest rates have risen. If you haven’t heard that, then I applaud you for not turning on your TV LOL And for the majority of us that have heard about it, it’s likely it wasn’t spun in such a way that there were streamers, and horns and cheers! Yup, the news loves to tell us in such a way that scares us;and in some cases stops us, from doing things that we really don’t want to stop doing…. for instance; remember we were told “don’t eat egg yolks, they are bad for you”… then we were told ” go ahead and eat egg yolks, turns out they’re good for you”? Real Estate is the topic du jour and with that same, push me; pull you type of spin!
For the longest time, you’ve been being told that the real estate market was all about the Seller and there wasn’t any inventory and the Buyers were paying over price and were lucky to win at all in the bidding war frenzy…. That was true, but Buyers were buying! So those smart Buyers, kept at it and got their homes and paid prices that were fair or the appraisers wouldn’t have allowed their loans… And the networks today tell us that the rise in the interest rates is making home purchases impossible for buyers who can no longer afford the monthly payments with the higher interest, and watch out, cuz the economic environment is too scary right now, no one should buy a house .. That is NOT true! People still need to have a place to live and where better to put your money each month than in your own home? If you pay rent, you are just paying someone else’s mortgage! Those Buyers that have been pre qualified, are still well qualified! It just may mean a lower sales price range. And the home prices are reducing in some cases; in proportion… So keep looking!!!
What my blog today is all about is perseverance! You definitely won’t buy a home if you stop looking… And you’ll not have accomplished your goal of homeownership. Whether it’s your first home, or you need a bigger or smaller home than the one you own…. it IS a good time to be selling and buying!! So don’t stop looking and go ahead and buy the one you love!! 🙂