Is It Too Late To Buy?
Even though rates are rising, it is not too late to buy or sell.
Mortgage rates are on the rise, so is it too late to buy or sell your home? The average 30-year interest rate jumped from 3.22% to 3.45%, and they’re expected to rise as high as 3.75% this year. So is it too late? To put it simply, no.
If you look at where rates have been for the past few decades, today’s rates are still really low. I remember getting my home in the early 2000s with a 6.85% rate. At that time, we all thought that was good. With rates as low as they are today, it's still a great time to buy.
If you’re looking to buy, you want to buy as soon as possible and secure these great rates. You have to look at this market by comparing prices versus interest rates. Prices have continued to increase, but an increase in interest rates will affect you far more than higher prices. That interest rate determines how much you pay over 30 years; waiting could cost you tens of thousands of dollars.
We used to think interest rates of 6% or 7% were good.
If you’re looking to sell a home, it’s also a great time because you have options. One of the things we work on is flexibility. We have programs with lenders that can give you more options in this low inventory, competitive market.
There are cash investors who can help you and lenders who can save you thousands on closing costs. We have an entire process we go through to get you home ready to sell and ensure you get top dollar. Also, if you're interested, we have partners who can help you flip your own home.
If you have any questions about selling, buying, or the market in general, feel free to reach out to us. You can call us at 702-343-6388 or email us here. We would love to help.