Your homebuying goal may be closer than you think!
When it comes to the current economy, it’s hard to separate noise from information, and that can lead to analysis paralysis.
That said, if you’ve been thinking about buying a house, now is the time to act. While there’s no foolproof way to predict the economy, all signs point towards raising interest rates, which can impact your purchasing power.
Here are three reasons why you should act now:
Mortgage rates are going up. The Federal Reserve has made its intention clear to raise rates several times in 2022, and mortgage rates are no longer at last year’s record-low levels. So the sooner you lock in a rate, the better!
Rising home prices are eroding your buying power. 1. Home prices may accelerate at a slower pace this year, but all signs point to them continuing to rise. This means your money doesn’t go as far, and you may have to settle for less than you want. You can offset that with a lower interest rate, as long as you get your loan in place before rates climb higher.
New houses aren’t appearing fast enough. Supply chain issues continue to hamper homebuilding efforts, and existing-home inventory is far short of demand. It may take longer than you expect to find the right home, so don’t delay!
Not Sure You’re Ready? Maybe you’re still saving for a down payment, or you’re not sure if you are approval-ready …, but let’s talk anyway. There is an array of loan options that don’t require a hefty down payment, and you may qualify for a loan program that you don’t even know about. I can get you in contact with lenders who can look at your finances and help you understand your options, and together we will see if we can get you into a home sooner than you think.