With the recent rise in interest rates, I've received a lot of questions from buyers on the brink of panic. Allow me to explain why your own timing matters more than interest rates when it comes to buying a house.
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With interest rates going up, I've received a lot of questions from folks wondering if they should make the leap and buy a home. I'm here today to tell you to chill—there's no need to panic!
So, should you buy right now? Only if you're ready. It doesn't really matter what rates are. Even if the interest rate was 0%, that still doesn't mean you're ready to buy a house. You can take a lesson from the car business, which routinely offers 0% financing. For 99% of the public, purchasing a car when they're not financially ready is still a horrible thing to do.
The same goes for real estate—not everyone needs to own a home. Because homeownership is so different from renting, it's best people rent until they have a full understanding of what buying a home entails. With a rental, you simply walk away when you're done. It doesn't quite work that way with homeownership.
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Things can break and need to be fixed, and you need to make sure you're properly educated and ready to go before you buy your first, second, third, or 10th property. Just because you've bought before doesn't mean things haven't changed in the real estate world, especially since the market collapse of 2007. We don't want another collapse, so we want to educate you on how to properly buy a home and avoid issues in the future. We want you to be meltdown-proof when the time comes to buy.
Not everyone needs to own a home just because rates are low.
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So if you have questions about buying a house, reach out to us. We don't want you to freak out about rates because, 2017 is going to be phenomenal. We want you to get educated first because knowledge becomes power. If you'd like to talk more about this topic, don't hesitate to give us a call or send us an email. We’d be happy to answer any questions you might have.
Until then, we want to wish you a merry Christmas as we look forward to 2017!
