Rent or Buy?

The question that everyone wants to be answered, rent or buy. Are you sure you want to live here long-term? Well, it depends on individual situations and many factors in one's life. Buying is not only getting approved for a loan but also having enough money for a down payment, closing costs, taxes, moving expenses, etc. if you have all these aligned, then good for you! In that case, it would be best to consider buying a home. However, if you are still unsure about the area or want to stay where you are, and your financial situation is not the best, then perhaps, work on your credit, and create a budget to save cash for when you are ready. Rent a home while you do that, and decide if this is your place.

In the last few years, the Real Estate market has been the business to be in for sellers and buyers, but in a previous couple of months, it has declined. Nevertheless, this shouldn't be a reason not to buy a home. The people that were financially stable to acquire properties were the ones that benefited the most, and luckily a lot of families also got their first home at low-interest rates and, in some instances, with a low down payment or down payment assistance. Today it is a different story; interest rates have gone up from 3.45% in January and constantly rising each month and reached 6.18% as of September 9th of, 2022, on a 30-year Mortgage, as stated in an article by Forbes https://www.forbes.com/advisor/mortgages/mortgage-rates-09-09-22/. According to the experts, in the next few months until 2023, the interest rates will rise a few more points and possibly reach 8% to stay for a while to stabilize inflation.

That said, if you are financially able to purchase, you should. Why? Because the interest rates will not go down, the home values will not drop significantly, and the housing inventory will be scarce. Moreover, we see house development slow due to inflation. Lack of employees and material prices affect the number of houses being built. Not to mention the overpopulation and lack of spaces to build. So if you are waiting to buy for the wrong reason, I suggest you don't. Call #TheDreamTeam, and let's talk to see your buying power, or let us help you get there. Meanwhile, we can find you a rental while you get ready.

Lastly, I will not tell you not to stress because the buying process can be stressful, but with the right team on your side whom you can rely on, the process is more uncomplicated than doing it all on your own. Also, remember that there will be a home out there waiting for you. We only have to find it! Call us and let us help you get into your next home!