Interest Rates Paralyze Thinking For Home Buyers, unfortunately I have seen this happen several times in my 31 year career and over 50 years of being involved with the family real estate business. Getting into the market, meaning become an home owner is the real goal to focus on. Sure, maybe the affordability due to interest rate volatility is a factor but not the only factor.
Here are a couple points to consider in favor of buying a home with current economic conditions:
1. Interest rates change often, they can soar up or trickle down, usually up.
2. We experienced once in a hundred year forced reduction on interest rates - get over it, we probably will never see it again.
3. Mortgages on average are refinanced 2-3 times prior to either a pay off in time or a sale which causes a payoff.
4. Commercial media love the scare tactics to discuss volatile interest rates. Most are financed through advertising dollars from corporations that want your dollars not to be in real estate.
5. A home purchase gets you into the appreciation flow of the market, inflation-proof.
6. More than financial though, a home purchase is your anchor into a community, your private domain, your castle.
This is brief and certainly more meat to each point and more unmentioned points as well. I hear from past home buyers and real estate investors all the time with a general thankfulness about me being their advocate to make the purchase at some point when they had challenges or doubts and are now reaping benefits from it today.
Larry O. Doss, Broker