For those of you who have been thinking about making a purchase, but decided to pass because of the massive frenzy we encountered with the pandemic, buying sooner rather than later might be your solution NOW!
One, interest rates. They have gone up as of late because the fed is working to curb inflation. That being said, the fed still wants to curb inflation and might continue to do so until they decide that they have brought inflation down. Your interest rate today, might be lower than what it would be in 3 to 6 months from now.
Second, inventory is not skyrocketing!!! It flat lined briefly and now it is actually going down!!! This typically means that assuming we still have demand, aka you first time home buyers, pricing will continue to go up.
Third, if you've been waiting for a crash, don't hold your breath. This isn't a repeat of 2007 and it's not a bubble. The biggest reason why is because there is significant equity in homes today and not just because of inflation. For more information, check out this article: Home Equity
Lastly, rent. Again, because of inflation, many landlords will have the ability to increase your rent by as much as 10%!! If you know your rent is going to go up by 10%, would you rather be spending that on a mortgage where you're paying yourself and have the opportunity to have a home the way you want it?
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