How much longer?
How much longer you ask will interest rates remain steady? How long do I have before I truly, really have to buy a home before the rates knock me out completely? Well they rose about 1% since last year. Many homeowners already fear moving because they have refinanced and have a low interest rate, maybe in the 3% range right now and don't think they can get such a low rate again. Although there are options that will allow you to buy a home and get a 3.82% rate right now.
But why are you thinking of moving? Is it just because of the interest rate? Or is there another underlying reason for your move, perhaps your family is growing or shrinking? So, why worry over the rate, think about that underlying reason and work around that, not the worry about the interest rate.
Don't just move because you are trying to beat the interest rates, but also realize they will begin to move soon, the Federal Reserve is hinting at raising rates soon. As they ease back on the purchase of bonds many economists thought the rates would begin to rise, it did not quite work out that way. Why interest rates did not rise? So, maybe now is the time to act?
But, you can only take advantage of today's rates if you take action, holding off, procrastinating does not help, unless you are saving rapidly for a down payment, or closing costs for example. And if you are saving, you should be observing the market, looking for trends, knowing what is happening and educating your self. Talking over with your buyers agent, (You do have a buyers agent, don't you?) your thoughts, what areas you like most, what style of house you like, whether you like doing work on a home or want it all taken care of in a condo. This is the time to decide these things, so that when the moment is ready, when you have saved enough you can take action.
So, let me ask you - How much longer?
If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you, contact us or connect
Feel free to subscribe to our blog to stay up to date with our latest posts and information on the Tredyffrin Easttown and Main Line Real Estate Market.