Buy Now Or Later
This is not a fear mongering message, we have noticed that interest rates are creeping upward and show no signs of abating. As interest rates climb it will become harder to buy and sell property. When interest rates rise it drives up the cost of borrowing reducing the total amount of money a prospective borrower can access. If you are a property seller rising interest rates will reduce the total number of potential buyers.
If you are not in a position to buy now then you will need to wait but if you are sitting on the fence then you should take action now and get a mortgage approved in principle with a rate lock. These mortgage approvals do not cost anything and you are not required to purchase a home but having the rate locked for the next thirty (30)- ninety (90) days can provide you with some peace of mind. If you are not sure what is the best course of action to take it would be prudent to speak with your a Lang Premier Properties Realtor and get a professional opinion. While speaking with the Realtor they are going to show you where the real estate market is moving and what the majority of buyers and sellers are doing, so you can relax and feel confident with your decision.
Since interest rates were at epic lows they can only go up and with each increase it drives up the cost of borrowing not only for homes but automobiles and other forms of consumer credit. With all of these variable at play you must seek out a Birmingham Realtor right now before interest rates rise even more making it harder to buy and sell property. The sooner you take these proactive measures the sooner you can make a truly informed decision.
If you would like information on your local real estate market, or are first time home buyer not working with a Realtor and would like to schedule a consultation with a qualified Oakland County and Macomb County Realtor, please complete the Lang Premier Properties contact form to have a real estate agent contact you.
Lang Premier Properties are Birmingham Realtors specializing in Oakland County Real Estate. Stephanie is an agent with Max Broock in Birmingham, Michigan. See what past clients have to say about Stephanie Lang. Lang Premier Properties looks out for your best interests when you purchase a new custom luxury home. We always recommend working with an experienced luxury real estate agent when buying a new luxury estate.