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FAQ #4: Rates are so High, Should I Wait to Buy the Right Home?

By
Real Estate Agent with Samson Properties VA0225077251

Are you thinking about buying a new home but feel like rates are too high? It's a common concern among homebuyers, but the truth is that waiting for the right moment may not always be the best strategy. In our industry, we have a saying that you should "date the rate and marry the house." What does that mean? Essentially, it means that you should accept the interest rate you are offered and buy the home you want, rather than waiting for rates to drop.

But before you make any decisions, it's essential to consider your financial situation carefully. Make sure you're comfortable with the monthly payments and can sustain them, even if unexpected expenses or curveballs arise. Always sit down with your financial advisor to understand where you stand financially and whether it makes sense to be a homeowner in today's marketplace.

If you're still unsure, waiting it out might be a good idea. Don't rush into any decisions. Take the time to assess your options and determine whether it's the right time for you to become a homeowner.

 

Posted by

 
                             
Associate Broker
MRP, ABR, ePRO

NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 
Residential real estate agent serving Northern Virginia in Fairfax & Loudoun county over a decade and almost $100+M in sales volume experience. 


 

Comments (1)

Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Good Morning Ritu Desai 703-625-4949 

This is an important blog post. When we bought our home in 1985 the interest rates were 13% and rising. They went as high as 18% or more. We knew enough that rates would probably fall at some point and we could refinance, which we did 3 times and we would add an extra principal payment to each payment. We paid the house off in 23 years.

Mar 21, 2023 08:17 AM