First-time home buyers are feeling the pinch of current market conditions. Record-low mortgage rates are certainly a lure to Buy Now, but affordability is another story. Labor costs are rising, demand is growing, builders are building more on the higher-end than the lower end. Current homeowners are wanting to take advantage of the increased prices, and so resales, too, are comparatively higher. The struggle in my mind is – buy now and have that wonderful rate for 30 years or wait, who knows how long, for home prices to come down. Barring a significant economic event, it might be better to take advantage of the low rates because they are sure to rise in the foreseeable future. Prices may not go down enough or soon enough to make up for the long-term savings on interest. Just a thought.
When making the decision to go forward, do you have what it takes to go forward when it comes to down payment and closing costs. There are many options. Talk to a lender!!