10 Good Reasons to Buy Now

Some are convinced it is not a good time to buy real estate. Here are 10 good reasons to buy now even with higher interest rates:

 

1. Fewer Buyers driving the price up on the home you want to buy. When interest rates are higher, some buyers drop out…reducing demand.

 

2. The sooner you get into the game, the more time is on your side to increase the value of your investment. You must play to make it work. Yes, the real estate market goes up and down…you have to take the long view.

 

3. Would you like to pay your Landlord’s mortgage Down or Your Own? When you rent, you are paying your landlord’s Mortgage Down, and maintenance, expenses, etc. The truth is, why not keep that money in your pocket?

 

4. Who wants to control their next rent increase? When you own, your rent doesn’t change (unless you have an adjustable rate mortgage, or your taxes go up.) Again, keep the money in your pocket.

 

5. Want to make a She Shed or Man Cave? Or a play area for your kids. Or an area for pets. When you own you can make the changes you want within zoning parameters. And when you own you can paint interior rooms any color. (You can also paint the exterior within the limits of zoning and any community rules.)

 

6. Historically Real Estate as an investment has only gone up over time, so you can buy now and ride it up or pay more tomorrow. According to data sourced from Zillow, the average home value in Massachusetts stands at $585,959, indicating a notable 7.3% increase over the past year.

 

7. I hear rates are higher, but what is it really going to cost me in $, find out! Some people will spend hours analyzing interest rates, unaware of many special programs. It pays to work with a local loan officer.

 

8. Are there ways to get my payment lower? YES! (ARMs, temporary and permanent buydowns, Mass Housing, FHA, USDA, VA)

 

9. Are there any deals left out there? Yes, and they can be harder to find. (There are always homes needing a DIY facelift, a serious fixer upper needing a renovation loan, a house further west of MetroWest, a small house with a potential addition down the road). That said, we live in an area with higher values and not what you often see on HGTV.

 

10. Date the rate, marry the home. When you buy a home with a higher interest rate, you can often refinance into a lower interest rate in the future.

Thanks to Brad Avergon of Fairway Mortgage spurring this discussion.

Need tools for home search: MoveWithGary.com

Gary is heard on WCRN AM 830 and/or seen on WMCTTV discussing “All Things Real Estate.”

If you need advice on selling your home or buying a new one, give us a call at 508-733-6005.