What you need to consider when deciding whether now is a good time to buy.
Is now the time to buy and move? The answer to that question depends on your situation. To explain further, let me provide an example.
Suppose you’re considering moving to a larger and more expensive area, such as Lake Murray. You might be thinking about the current higher interest rates compared to the lower interest rate on your current property. Let’s say the property you want to buy is priced at $500,000, while the one you plan to sell is valued at $250,000.
Assuming the average appreciation rate for the area is 5%, the $500,000 house would appreciate by $25,000, and the $250,000 house would appreciate by $12,500. However, it’s important to note that houses in desirable areas tend to appreciate at a higher rate than the average.
Considering this, there’s a saying that has been circulating lately: “Marry the house, date the rate.” In other words, find a house that suits your needs, and you can always refinance when interest rates decrease, which is something many anticipate happening in the future.
If you want to determine what’s best for your specific situation, I encourage you to call or email me. I’d love to help you with your real estate goals.
