Very common questions or comments these days:
- "Should I buy a home right now or wait?"
- "I'm going to wait to buy until rates come down."
- "I'll buy after prices crash."
I have some thoughts on timing interest rates and home prices:
(1) Bond traders making 100's of millions of dollars are on both sides of the rate question - if those folks cannot agree on what's going to happen, how can a regular person? Did Karen at the office tell you rates are going down next year because she's really a finance genius? Better: figure out your budget based upon today's rates and then see if you can find the right home now. If not, wait.
(2) Inventory is at record lows - the last time prices substantially dropped in SoCal, inventory was 6xs what it is now. And that's not going to be happening any time soon. So NO big price decreases, but there will be low-demand homes that will yield discounts.
(3) Buy the house and rent the rate - if you can find the right house for you and it fits into your budget, buy it. And if/when rates come down (and you can qualify), refi then. The key, again: find the right house for you.
My system for home buyers not only digs deeply into the way to determine if a home is the right one for you, it also helps you to get a grasp on your particular market niche, s you can become expert at prices and trends. And then, my 5 Strategies ensure that you get that house for the lowest possible price...
Get in touch with me for a strategy session:
- Michael@HausamGroup.comThank you!