Date Posted: November 15, 2022
With interest rates so high people wonder how it could be a good time to purchase a home right now? Although interest rates are high, this means they will have to come back down. If you purchase now and can stomach the higher payments for a year or so, you will see interest rates come back down and be in a great position with your home.
We won’t see interest rates start to come down until inflation rates come down. Many are worried about a recession, but a recession may not be the worst thing for the housing market. A recession will cause interest rates to fall and when it does there will be many more people who can afford to purchase a house. Once that happens, inventory will become very low, and it will become tough to find a home.
If you’re considering listing your house, now is a great time to start the process. Even if you’re not selling for a few months, it’s in your best interest to start the process and get pictures taken while the grass is still green, and we don’t have snow yet. It’s better for listings when you can see your backyard for how it is, have better curb appeal and have overall better pictures to help sell your home.
Remember, people should take the mortgage that best suits their needs at that time. If you want to discuss your situation and figure out what best fits your needs, reach out to your mortgage broker.
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