Outgrowing your current home? Can’t decide to buy or keep renting?
It’s Spring, and our local market has finally heated up! If you’re one of those Buyers that’s been casually shopping the market for the last 3 years, you’re in for a surprise! There’s been no rush. Rates have been steady for so long that it had little bearing on your purchasing decisions. Inventory levels were in your favor as a Buyer and you had the luxury of picking and choosing.
Inventory in our area is lower than the same time last year once again, and they are SELLING, QUICKLY! If you are currently shopping you are feeling this pain. You had time to think about comparing homes the last few years and now you are likely finding that while you are hemming and hawing, the home you are considering has sold! Often times with multiple offers. Yes, that’s right – you now may even need to COMPETE to purchase the home you want! YIKES!
What the heck?!
Despite the low rates, and partially because of them, in many cases if you are currently renting you can likely buy the same or better quality home for about the same payment (or less!). And if rates do really rise this June or Sept as the Fed is hinting, you might actually, finally, kick yourself for not buying sooner.
And your rent the last few years. It went down too, right? Haha, not a chance! And likely it probably went up, and may soon again. Whose mortgage would you rather pay, yours or someone else’s?