With mortgage rates on the rise, the consensus is that this will slow down home purchases.
I personally think that is the wrong way to look at it. Not everyone is going to buy when the interest rates are at their lowest, that’s past history now.
People buy when buying a home is affordable for them and when the opportunity is right. When is the best time to buy is dependent upon each person’s ability to buy.
Interest rates may be going up, home prices may be going down – in the end, it’s just about being ready!
3 Important things to consider about home purchase timing
- According to the mortage rate trends over the past 30 years, we are still at all-time lows. Getting the lowest rate at the bottom of the market is a myth – you don’t know what the lowest rate is until they go up.
- The median price for homes in California is low. With the number of foreclosures taking place and the anticipation of possibly 3 million next year, homes in California are more affordable now than they have been in many years.
- There are still “First Time Buyer” programs available. Some of these programs are limited to a certain amount of funds per program and can be depleted when you decide to purchase.
Keep in mind that purchasing a home is not only an investment it’s a place to live.
You will be making a payment either to a landlord or to yourself. The pride of ownership is still the American Dream. Being well educated in the process, is your first step.
Here at Homeownership University you will find a wealth of information for making wise decisions and finding down payment assistance programs in your area.
Find a good home buying team, a lender and realtor, who will be looking out for your best interests.
Final word, take a look at your options and then make a decision to buy. You may be surprised at what your options are.