Don’t Let High Interest Rates Stop You from Buying a Home

When is the perfect time to buy real estate? The straight answer is now. Many potential buyers have paused their home search due to low inventory and rising interest rates, but waiting for rates to drop before buying can actually cost you more in the long run. 

With low inventory and rapidly rising interest rates over the past two years. Many buyers have responded to these high interest rates by hitting the pause button on their home-buying plans, waiting for rates to drop. If history has taught us anything, waiting to buy real estate has rarely been a winning strategy. 

"Buying real estate now can help you build equity sooner, even with rising interest rates."

For instance, the market in 1971 when interest rates were exactly where they are today. Many people decided to wait for a drop in rates before buying, only to find that they would have had to wait until 1993—22 years later—to see rates at the same level again. During that time, not only did they miss out on homeownership, but property values also quadrupled, making homes much more expensive.

The key takeaway here is simple: don’t wait to buy real estate. Instead, buy real estate and wait. By purchasing a home today, you’re investing in an asset that’s likely to appreciate over time, regardless of interest rates. The sooner you buy, the sooner you can start building equity and enjoying the benefits of homeownership.

So, if you’re considering buying a home, now is a great time to make your move. Don’t let the current market conditions hold you back from achieving your real estate goals. Give me a call at 626-340-8050 or email brian@theparsonsrealestateteam.com. I’m here to help you win the home-buying journey. I look forward to hearing from you!