Increasing prices don’t necessarily mean it’s a bad time to buy.
Prices are rising, but is now the time to buy? Today I want to talk about how there’s more to your purchasing power than price, and what our low interest rates mean for you.
As far as daily life goes, you don’t live with your home’s price, you live with your monthly payment. In other words, your finances are dictated by your payment, not the initial price. Let’s take a look at what this means for your buying power:
In this graph, you can see that price isn’t the only factor that affects your monthly payment. In fact, interest rates are a bigger determinant of your monthly payment. Right now, our interest rates are in the high two to low three range. These are historically low interest rates. Even though prices are rising, you can probably afford more home than you think.
These interest rates won’t stay around forever, so if you’re looking to buy, please give me a call or shoot me an email. I’d love to see how I can help.