SHOULD I BUY A HOME NOW OR WAIT FOR ?

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Real Estate

Today, 9/26/22, many home buyers are almost forced to buy points due to the increases in mortgage interest rates. Last Week, an article from The California Association of Realtors stated that "Mortgage rates surged as the Federal Reserve raised short-term interest rates by another 0.75 of a percentage point. According to Freddie Mac, the 30-year fixed mortgage rate rose to 6.29% from 6.02% the previous week. As a result, the monthly mortgage payment for a $400,000 loan is about $2,470 compared to $1,660 a year ago." Just a year ago buyers were competing with overbeating offers on very high price home values. Today, house prices are adjusting, but the interest rate is going high. The image above explains where we are today 9/26/2022 according to the Bank rates surveys. The good news for homeowners is that many already have good equity in their homes, refinanced during the pandemic, and obtained a decent interest rate on their new loan. For these homeowners, the chances of their home price dropping are very slim due to the current low inventory. My suggestion is that if you are looking to buy then buy now if you can. Holding on for home prices to drop may be risky considering the way the interest rate is moving today. Nobody can't predict the real estate market or advice on such an important commitment. However, educated decisions can be made just by looking at what is happening now, learning from the past, and understanding your own family needs. Carmenza Adams~

 

Carmenza Adams - Hablo Espanol -
https://www.onepremierhome.com
Direct: 310-800-8221
Ca@Carmenzaadams.com
Broker Associated DRE#01411203
Keller Williams South Bay
23670 Hawthorne Blvd Suite #100
Torrance, CA 90505