If you are a 1st time home buyer or someone in a position to purchase a home, it is a very good time right now with prices coming down significantly from previous highs just a few months ago (as high as 20-30% decrease in some areas). 📉
Yes, interest rates have risen which affects affordability (increased monthly mortgage payments), but at the same time, the overall amount of mortgage you need to borrow is lower. The current interest rates increases may not last long, so once they reverse, you’ll be paying off your mortgage faster. ⚖️
The key is to find out your affordability in this current rising interest market. That way, you know exactly what your budget is, and can focus your search on the properties in the range. Without bidding wars, you have a greater chance to secure a property you love vs a few months ago. GET PRE-QUALIFIED TODAY! 💪
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