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If you’ve been considering buying a home but have been waiting for the perfect moment, let me share some compelling reasons why now is the time to make your move. While it’s tempting to hold off in hopes of interest rates dropping or home prices decreasing, history has shown us that waiting can often lead to missed opportunities and financial setbacks.
Let’s take a trip down memory lane to put things into perspective. In 1970, the average interest rate for a mortgage was 7%, with the typical home costing around $24,000. Fast forward to 1981, and interest rates skyrocketed to a staggering 18.63%, while home prices had more than doubled to $67,000. Even in 1990, when interest rates were at 10.05%, the average home price had nearly tripled compared to 1970, reaching $124,000.*
Now, you might be thinking, “But what about today’s market?” Well, consider this: in 2022, the average net worth of a renter was a mere $10,000, while that of a homeowner soared to $400,000.* This stark contrast highlights the long-term financial benefits of homeownership.
It’s essential to understand that while interest rates fluctuate, home prices tend to appreciate over time. Yes, you can refinance when rates drop, but you can’t go back in time and purchase a home at a lower price. By buying now, you’re not only locking in today’s favorable rates but also positioning yourself to benefit from future appreciation.
Don’t let the fear of rising interest rates or home prices deter you from taking the leap into homeownership. Your housing dollars are better spent investing in a property that you own, rather than lining the pockets of a landlord. So, seize the opportunity, and let’s find your dream home together. The time to buy is now!
*Sources: Freddie Mac; Source: Survey of Consumer Finances
