5 Reasons to Buy a Home Now (Even with High Interest Rates)

photo by realtor.com

Today’s high interest rates have many home buyers pressing pause on their home search. Let’s look at this realtor.com article and its 5 reasons to buy a home now despite the high interest rates.

1. You can buy now and refinance later. Economists do believe rates will cool in 2024, but no one can give a 100% prediction. Note, though, refinancing does come with some hefty closing costs, so be sure to run all the numbers, even future refinancing numbers.

2. Home prices are probably headed up. While interest rates should be trending downward, the average home prices are remaining steady and will most likely go up in the coming year.

3. There’s less competition right now. You will be less likely to get in a bidding war.

4. Inventory of homes is on the rise.

5. If it’s the right time for you to buy a home now, then it never makes sense to wait. If you’re ready to commit to homeownership and living in the same place for the next several years, it makes sense to move forward.