The Time to Buy is Now

The Durable Goods Orders for January were down 6.1%, more than the 5.0% expected, which may mean we have a slowing of the economy and could see lower interest rates.

While lower interest rates may be on the horizon, there are reasons why you should not wait to purchase.

The Federal Housing Finance Agency reported the house price index, or appreciation in housing, for the year 2023 was up 6.5% over the previous year.

High appreciation equals increased equity, which exceeds the difference in the interest rates we have today vs. what may come in the future.

In the example provided, you can see that in one year, the payment difference is $249/month, about $3,000 for the year, while the house appreciated by $30,000, even just using a conservative yearly appreciation of 3%.

The equity you could earn by purchasing now and then refinancing when rates come down in the future is far more substantial than waiting out the market.

As always, we're here to pre-approve you so you are ready to offer strong and succeed.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.