Previously on Monday Market Report: The Fed lowered interest rates for banks. Banks lowered mortgage interest rates for you.
This week: Now that mortgage rates are lower, you should keep waiting for the market to shift to a buyer’s market to get THE PERFECT deal on your dream home… Or should you?
If you’re waiting to buy a home until the market shifts from a seller’s market to a buyer’s market – don’t. The mortgages rates are lowest they’ve been in years. And waiting for the average price of homes to drop lower is just going to give time for interest rates to rise back up.
If you are in the position to purchase a home, it would be in your best interest (get it?) to purchase now while rates are low. Once they creep back up, you will end up paying more in interest – even with a lower purchasing price.
If you think you might be ready to take the next steps in buying your first (or next) home, it’s time to start thinking about talking to people who can walk you through the step. Speak to a lender. Reach out to a buyer’s specialist. These professionals want to make sure you’re making a decision that is right for you.
Are you ready to start looking for a home? What steps have you taken to understanding where you stand in the process?