Some people feel like they missed the opportunity of a lifetime to buy a house when rates were really low over the past couple of years. And with mortgage rates now in the 6-7% range, many buyers feel punished for waiting and regret not buying sooner.
Well, if you have been feeling that way, it may make you feel better to know that many people who did buy when rates were lower probably wish they could switch places with you.
According to this Yahoo article, three-quarters of the people who bought between 2021-2022 have regrets, such as:
They didn’t have many houses to choose from
Prices were constantly rising
Paying over asking price
There was extreme pressure to make quick decisions
Not able to thoroughly research the house they were buying, or do inspections
So while lower mortgage rates may sound much more appealing, remember that they also played a large part in causing those (and other) issues for buyers.
Let's Discuss 4 Reasons Why Now May Be the Time for You to Buy!
That said, now you not only have higher rates, but also inflation and a potential recession to factor into your decision whether or not to buy a house now. So no, it is not a no-brainer, and you should be thinking before leaping into buying a house.
To that end, Apartment Therapy published an article citing the following four things as reasons for you to consider buying in the current market:
Buying is a hedge against inflation, and stabilizes one of your largest monthly costs against rising rents and rates.
You can refinance
Rates may be higher now, but you can capitalize on lower prices, more houses to choose from, and the ability to do your due diligence… and then refinance your mortgage when rates come down in the future.
Ability to negotiate
Sellers have not had to bend on their price or terms over the past couple of years, but as the market shifts, you are more likely to find a seller who is willing to negotiate.
It could become harder to get a mortgage
Whether or not we are currently in a recession is subject to debate. But when recessions happen, mortgage companies become more cautious and are likely to make it more difficult for you to get a mortgage.
If you are thinking about it, let's connect and have a discussion regarding your circumstances and goals. We can help, and would be honored to assist you!