Even though rates are rising, buying now is still better than waiting.
How can you keep your deals together when interest rates keep rising? This is a huge concern among agents right now. I’ll share three pieces of advice with you that you can also talk about with your buyers.
1. If a buyer waits a few months to buy, they may never buy. As interest rates rise, a buyer’s purchasing power decreases. Buyers think that if they wait, prices will also come down. However, that’s extremely unlikely. History has shown that the last six times interest rates rose, property values climbed as well. Waiting to buy will only cost you more in the long run.
“It’s always better to get into a house now than it would be to wait.”
2. If you buy now and interest rates drop, you can always refinance. Don’t sit on the fence and try to time the market, because you can’t. You can easily refinance later.
3. Buyers can ask sellers for a closing cost credit. You can use closing cost credits to buy rates down, pay points, cover out-of-pocket costs, make repairs, etc. In this shifting market, sellers are willing to negotiate, so it’s a lot more favorable for you.
It’s always better to get into a house now than it would be to wait. If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.
