Why you might buy when mortgage rates are high

Posted by Dan Miller, REALTOR on Saturday, August 26th, 2023 at 4:45am.

You may have heard that mortgage rates recently jumped above 7 percent, which is more than double the rate from less than 2 years ago. 

mortgage interest rates Aug 2023

And if you're like many other people, today's higher rates may have you thinking about putting your home-buying plans on-hold. And understandably so. 

But it's very possible you could be missing out on a real opportunity by deferring your goals. Because now that rates are higher, you have fewer competing buyers to contend with. And the competition and bidding wars will surely increase once rates fall again. 

So, if you're an aspiring buyer, here are two key questions we have for you: 

If you could find a nice home this year and if you could afford it by living within your means...And if you could picture yourself being happy and content in your new home...Would you buy it?

If knowing that you can start building equity right now...And that you can refinance your mortgage when rates drop again...Can you see the present moment as both a challenge and an opportunity

These are important questions to think about in our new era for real estate

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711

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