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Are you waiting for a real estate crash?
It’s impossible to time the market and when there is a crash, there’s factors that make it very scary to move forward. If you’re buying for yourself, planning to hold onto the property for a while, and getting a mortgage, there’s no reason to time the market. Prices and interest rates work hand in hand so you’ll likely end up in the same spot in terms of your monthly payment. It’s more important to find the right property and a motivated seller that’s easy to work with.
Yesterday the Fed just raised interest rates by 0.75% making it more expensive to borrow money. I purchased a home last December which I thought was the height of the market and in hindsight I got an amazing deal and an interest rate under 3%! The beauty about real estate is you can’t make a mistake. Even if you buy at the worst possible time that just means you might have to wait a little while before it goes back up again, but at least you have a tangible asset to use in the meantime. Right now sellers are scared and buyer competition is way down. So don’t delay, make your move now!
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By Ben FiemanIt’s impossible to time the market and when there is a crash, there’s factors that make it very scary to move forward. If you’re buying for yourself, planning to hold onto the property for a while, and getting a mortgage, there’s no reason to time the market. Prices and interest rates work hand in hand so you’ll likely end up in the same spot in terms of your monthly payment. It’s more important to find the right property and a motivated seller that’s easy to work with.
Yesterday the Fed just raised interest rates by 0.75% making it more expensive to borrow money. I purchased a home last December which I thought was the height of the market and in hindsight I got an amazing deal and an interest rate under 3%! The beauty about real estate is you can’t make a mistake. Even if you buy at the worst possible time that just means you might have to wait a little while before it goes back up again, but at least you have a tangible asset to use in the meantime. Right now sellers are scared and buyer competition is way down. So don’t delay, make your move now!