We all see the news and hear about the continuous hike in interest rates. That doesn’t mean though you can’t still live the “American Dream”. In fact, investing in real estate is still a very good thing and a great long term-investment.
Here are a few reasons why now is still a good time to buy:
- Mortgage rates can’t stay high forever and it’s just a matter of time of when they will come down. When it does, you can always refinance and get a lower rate.
- With many buyers still waiting to make a real estate purchase, means you have more choices in the market and more negotiating room. When interest rates were really low, people were sweeping up homes like it was nothing and you couldn’t be choosy. Now you have a chance to get something you really like and want and can negotiate the price better.
- Interest rates will eventually drop, but real estate will almost always bring equity. When you are paying your mortgage a portion of that payment goes to principal. When you eventually go and sell that home, you will make that money back and then-some. You won’t ever get that with renting.
- Receiving tax breaks is another reason why you should still invest in real estate. With it gives you the opportunity to write off the interest you pay as it relates to your tax bracket.
Don’t sit on the fence in 2023. Take that step into home ownership. It will pay off in the long-run! Alliant Title & Escrow looks forward to seeing you at the closing table.