I’m confused again!!
I realize that many people and families have been priced out of the housing market and that’s absolutely horrible. My heart goes out to them.
However, if someone is ready, willing and ABLE to buy a house today why should they wait? Simply because mortgage rates are approaching 8%. Agents are getting killed by some for suggesting people move forward despite the recent rates movement.
If you buy now, only three things can happen:
1️⃣ Rates remain where they are and you lost nothing.
2️⃣ Rates go down and you refinance.
3️⃣ Rates continue to escalate in which case you’re lucky to lock in today’s rate.
The same people who pummeled agents 18 months ago because they suggested buyers move forward even though rates had just hit 5% are at it again.
Don’t they realize that buyers who bought 18 months ago at 5% are thankful that their agent encouraged them to buy the house then and not wait for rates to come down.
Just asking…WHAT AM I MISSING?
P.S. Please don’t make the argument that this is 2008 all over again and prices are about to crash. That ship has not only sailed, it has sunk somewhere in the middle of the Atlantic.
Trust in the Lord with all your heart and lean not on your own understanding; in all your ways submit to Him, and He will make your paths straight. — Proverbs 3:5-6
The fact that a random couple ran into Keanu Reeves in a hotel lobby, invited him to their wedding, and he put on a suit and joined is proof he really is The One.