What's Up with the Market?

Nothing drives home prices up like a shortage of homes on the market. Yes! It's still a seller's market and yes, it's still a great time to buy. Historically low interest rates won't last forever, though and for now it's safe to say they will remain low. However, some are predicting that interest rates may climb up just a bit in 2021. Here's why this is important for anyone thinking about buying a home or investment property:

The great thing about low interest rates is that you can buy more HOUSE. Now we don't if or how much interest will go up but let me give you a "for instance" of what I mean. If interest rates were to increase tomorrow to 5%, a buyer may not qualify for the same house at the same price in a market where the interest rate was 3%. This is why, even though we're in a seller's market, low interest rates make it a great time to buy! So while we can say we have the best of both worlds right now, it's important to understand that this won't last forever. Predictions are not written in stone.

If you're even tossing around the idea of buying a home or investment property in 2021, let's talk. Housing prices have increased tremendously this year, and we've been in the middle of a pandemic! So before housing prices go up even higher, which is also being predicted, though not as drastic as in 2020, and interest rates start creeping up, we would love to go over your options with you.

There's a lot that goes into buying a home, especially if you're a First Time Home Buyer (the First Front Door grant is almost here so now is the time to start preparing and to see if you qualify). And remember, we have excellent business partners in lending who we call friends who we've worked with and have known for many years.

We look forward to hearing from you soon!