Buy Now or Wait?
While everyone is saying wait to buy, our agents say - “leverage interest rates to increase your purchasing power!”
The national average for a 30 year mortgage was 7.2% as of September 6, 2023. This is higher than it has been in more than 22 years, so why buy now?
01
Negotiability
Interest rates are a leveraging tool for buyers to negotiate pricing with sellers.
02
Pricing
Sellers recognize that the overall carrying costs are higher and therefore, adjust pricing to market conditions (aka reduce pricing)
03
Unconventional Loans
Banks have adjustable rate mortgage products which are currently more competitive than 30-year mortgages, which you can later on refinance when the interest rates come down. Which they will. Seller financing or lease to purchase options are becoming popular among buyers as an alternative to conventional financing
04
Less Competition in the Market
Since most buyers are on the sideline and waiting, there is less competition and more optionality for buyers who are ready to transact (aka - “A Buyer’s Market”)
05
Rents Go Up
When the sales market is down, demand for rentals increase driving rents up and up!
