I received an email from one of the mortgage companies I have used. It had some great guidance for those thinking about buying.
Should I delay buying?
As I interact with people, and if the topic of purchasing a home arises, I often hear the response, “We’ll wait until interest rates drop!” We all understand that the optimal time to buy a home is when you find one you genuinely like. However, it’s crucial to recognize that when interest rates do decrease, it leads to a surge in Buyers, which intensifies the demand for our limited housing inventory as it is. And this can lead to bidding wars!
There’s more to consider beyond the obvious benefit of refinancing when rates drop; it’s about future property values. We must acknowledge that the landscape of real estate has evolved significantly since 2018, if not earlier. Who would have predicted bidding wars and offers exceeding market values, at times surpassing appraisals with an agreed appraisal gap funded by the Buyer?
Considering future property values can translate into savings (equity) for today’s Buyers. It could mean avoiding the cost of Private Mortgage Insurance (PMI) or accessing funds for other exciting adventures. My “new” perspective and experience has given me the confidence to present these ideas and always advocate for your best interests. I am dedicated to highlighting your value throughout the transaction.
If you are thinking of buying or selling, please, give me a call, I am here to help YOU!
Mary Cockburn/505-639-2090/MaryCockburn.Realtor@gmail.com
