Here’s my advice for homebuyers on the fence because of rising interest rates.
One of the most common questions I’ve heard from buyers over the last few weeks is, “How should I approach rising mortgage rates?”
The average 30-year, fixed-rate mortgage has inched up by 0.5% so far this year. While that news may have you questioning the timing of your home search, the truth is that timing has never been more important.
Even though you may be tempted to put your plans on hold to wait for rates to fall, they’re forecasted to continue rising in the year ahead. As rates go up, your monthly mortgage payment is affected, which directly impacts how much you can afford.
With rates on the rise, your purchasing power has likely been impacted already. Today’s rates should motivate you to purchase now before they go up again.
The best way to prepare is by working with a trusted real estate advisor like myself. I can connect you with a great lender, help you adjust your search based on your rate and budget, and make sure you’re ready to act quickly when it’s time to make an offer.
The bottom line? Serious buyers should approach rising rates as a motivating factor to buy sooner rather than later. Waiting will cost you more in the long run.
If you have any questions about buying a home or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.