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Should You Wait Until Rates Fall To Buy a Home?

Saturday, October 7, 2023   /   by John Salkowski

Should You Wait Until Rates Fall To Buy a Home?

     
Here’s what you need to know about trying to time this market.


If you're contemplating whether to buy a home now or wait, it's important to consider the current circumstances. Yes, interest rates are relatively high compared to what we're accustomed to, and I anticipate they may rise further before they stabilize. Here's my advice:


I firmly believe in not delaying wealth-building opportunities. Purchasing a home sooner rather than later should be a top priority in your wealth-building strategy. While interest rates are elevated, remaining proactive in your pre-approval process is crucial. We routinely update pre-approvals for our buyers every four to five weeks because as interest rates climb, your buying power diminishes. Staying informed about your financial position and budget is key.


Additionally, I want to emphasize that attempting to time the market for a potential interest rate decrease is not advisable. Timing the market is notoriously challenging. If interest rates do eventually decrease, it's unpredictable when that will happen.


Remember, if you buy now, even if interest rates later drop, your property's value is likely to appreciate. Building wealth through homeownership is a long-term strategy that can pay dividends over time.


If you're unsure whether to buy now or in the near future, or if you're currently renting, my advice remains consistent: I strongly recommend buying to start building equity and wealth. If you have any questions, please don't hesitate to call or email my team. We look forward to helping you.
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