The biggest question right now is if right now is a good time to buy a house. Seeing the rise in interest rates and prices, many people have questions.
The decision to buy a home is a very personal decision for everyone. There are two things everyone should ask themselves. What do you believe about interest rates and what do you believe about prices?
Since the first week of this year, interest rates have shot up. It has been the fastest rise in interest rates in 50 years. This has added, on average, $1,000 to mortgage payments across the country.
In the short term, experts are forecasting rates to go higher – because of inflation – and this is driving us toward a recession. Historically, recessions have meant a fall in interest rates.
A rise in interest rates is causing demand to pull back which is reducing the downward pressure on prices. There are not many reputable sources calling for a crash in the market.
David believes that next year will be relatively even.
Long-term benefits of home ownership
In the last few years, we have gotten too used to appreciation in price. That is not a normal market.
For many individuals owning a home is a major life event and ultimately it is about the American dream.
David’s advice to agents
In David’s office, they have a large wall that reads “Every family should feel confident in buying a home”.
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