Here are some reasons why I think this is a great market in which to buy.
With inventory being so low out there, a lot of buyers are hitting pause on the purchase button because they’re concerned it might not be a good time for them to buy. Homes are selling quickly, but the buying process is a little more difficult due to our low inventory.
I can think of two great reasons why right now may be the best time ever to buy from a financial perspective:
1. If you’re selling a home, you’re going to get more money than in any market in recorded history. You can take advantage of this seller’s market and get top dollar for your property right now.
2. We have record-low interest rates. If you get your calculator out, you can do the math. Let’s say you lock in a 3.25% rate on a $250,000 house. Over 30 years, the interest paid on that loan is about $144,000 straight to the bank. If rates go up just two points to 5.25% and you’re buying that same $250,000 home, you’re going to pay $246,000 in interest over the same 30-year period.
When you get caught up in paying a little more for a home, just remember what you should truly be focusing on is the cost to borrow that money.
If you want a free consultation from a local mortgage professional, or have any other real estate-related questions, don’t hesitate to reach out via phone at 717-216-0860 or email me at Dave@davehooketeam.com. We look forward to hearing from you soon.