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Is this a good time to buy a home? Mortgage rates are so high and keep going up?!

 


Are you wondering whether you should buy a home now or should you wait?  Higher mortgage rates are not a good news! But… if you think about why the rates are going up… you may think twice about holding off on buying! In this article, I will give you three reasons why it’s an excellent time to buy!

1.  Home prices tend to go down when mortgage rates go up:  Home prices go down when mortgage rates go up because of reduced buyer demand.  Many buyers hold off when rates go up, resulting in a reduced home price!  Less competition means a higher chance of getting a home and you generally end up paying less!

2.  Higher mortgage interest payments can be offset by the higher appreciation of your home over the years!  Home prices have been going up in the Capital Region, NY over the years…. and this means you can recoup the cost of higher interest payments in a few years due to higher than normal appreciated home values.  You can always refinance the mortgage when rates come down in the future!

3.  Most importantly, you get to finally live in your dream home!  Happiness is priceless!  You cannot place a price tag on happiness, love and good memories you will create with your family and friends!

Final word of wisdom on this topic, “Marry the house and date the rate”!  Buyers should approach the market with an open mind because it is a very competitive market for buyers in the Capital Region, NY,  and all the efforts you put in towards homeownership will pay off eventually... in one form another!

Wish you good luck in your real estate journey,

Young Jin Chun

Licensed Real Estate Salesperson

Sinkoff Realty Group

Email: YoungJin@SinkoffRealtyGroup.com

Website: www.SinkoffRealtyGroup.com

Cell: (518)728-6591

 


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