Don’t write off buying due to the market—give it the old college try.
In high school, I had a great friend named Steve who always had a date to every dance. I asked him, “How is it that you always have a date to go somewhere?” He told me, “I’m not afraid to ask. I’d rather get rejected than always wonder if she would have said yes.” That advice has stuck with me since 1993. That’s the message I want to convey to all the buyers out there today.
Right now, the narrative is that it’s not a good time to buy because the rates are at 7%, but that doesn’t mean it’s not generally a good time to buy. If you want to do something, you should at least give it the old college try. If you want to buy, but don’t think it’s the right time, connect with a lender and talk about your options. The beauty of a mortgage loan officer is that there’s no cost or obligation to meeting with them.
Explore your financial options, and if those show that it makes sense to buy a home in today’s market despite rising rates, connect with a real estate agent because sellers are extremely negotiable right now.
It’s fine if the lender says, “Thanks for coming in and trying, but right now, you just don’t financially qualify.” Then you can rent and put a plan together to buy in the future, but wanting to do something and not trying to do it just because you don’t think it’s the right time is not the right way to go. Follow Steve’s advice.
If you have any questions, don’t hesitate to reach out to us by phone or email. We’re happy to help you with your real estate needs.