Don’t Let These Interest Rates Scare You Out of Getting a Fantastic Deal!

Yes, interest rates are 7.5%.  Yes, they were 2.5% eight months ago.  You know what else was happening eight months ago?  Houses were going for hundreds of thousands of dollars higher than they were worth.  Buyers were having to waive inspections and hope the house they bought wasn’t going to cost them significantly more than they already paid.  Buyers were also getting their hopes up only to learn their life savings wasn’t enough to purchase anything that would fit their families’ needs.  But because the interest rates were so low, no one seemed to care.  Now that interest rates are higher (and might I add, they’re very average over the history of interest rates), people are scared to waste their money.  WRONG….

Here is why you should buy a home now:

• Prices are significantly lower than the frenzied market we saw earlier this year. Surprisingly, monthly payments come out right about the same when you raise the interest rates and lower the purchase price.
• There are tons of programs right now to bring down interest rates, and a good agent is aware of those and can even negotiate with the sellers to fund some of those costs for you.
• The market is leaning towards buyers more than in recent months. I have two pending transactions for buyers in November.  One, we negotiated $10,000 lower than asking and did an inspection.  The other, we negotiated almost $20,000 in seller paid closing costs when the seller had just reduced their price $100,000 two days before!

As we all know, interest rates don’t stay high or low forever.  If you find the perfect home now, you always have the chance to refinance when interest rates are lower.  You have the opportunity now to really choose the home that’s best for you.

Call me, let’s find your deal!