I Didn’t Wait for the “Perfect” Rate, and Neither Should You

Did I really buy a condo with interest rates over 7%?

Yep. I did.

And you might be wondering… Why would you do that right now?

Because I still believe real estate can be a great long-term investment—even when the headlines aren’t exactly encouraging.  Here’s what I did:

🏠 Original list price: $338,000
💰 What I paid: $300,000
That’s a $35,000 discount right off the asking price.

I also negotiated a seller credit toward my closing costs, which made the numbers even more attractive.

Was my interest rate over 7%?
Yes.

Did that scare me away?
No.

Because I wasn’t just looking at the interest rate. I was looking at the entire investment.

The HOA is FHA approved and financially healthy. The roof and siding are less than five years old, which gives me some comfort that major exterior expenses aren’t looming.

And most importantly, I bought it at a price I felt made sense.

Could interest rates come down? Absolutely. And if they do, I may have the opportunity to refinance. But I don’t need to wait for the “perfect” rate to make a good purchase because when the “perfect” rate comes, the prices will jump quick!

Do I tell my clients that real estate can still make sense in a high-rate, high-inflation environment?

Yes.

Would I actually do it myself?

Apparently, yes. 😉

I believe in practicing what I preach. There may not be a perfect time to buy—but there can be a right property at the right price with the right numbers.

That’s what I was looking for. And that’s what I found.