Home buyers are finding calm after the storm in real estate. Those who can afford the higher interest rates are experiencing less pressure from the bidding wars of the past two years.
Calm After the Storm for Those Who Have the Means
According to the Wall Street Journal, there are home buyers who are not swayed by raising interest rates.
Home prices have jumped, mortgage rates are rising fast and the economy might be heading into a recession. So Eric Lanser and Allison Manfreda decided to go house shopping.
Eric and Allison are not alone in their timing for house hunting. Millions of homes are being sold now versus handling the heated real estate market during the height of the pandemic.
Several factors are involved. For example, the rising rental rates in Boston were enough for Eric and Allison to make the decision to buy. And many buyers in the past were paying well over the asking price. Thus, generating an overinflated housing dilemma. Additionally, havoc ensued due to waiving safeguards on inspection and mortgage approval.
Calm after Storm: Benefits of Buying a Home During High-Interest Rates
In simplest terms, there are three benefits of buying when interest rates are high.
- Lower Home Prices
- More Inventory
- Less Home Buyer Risk
Are You Ready To Buy? If so, you need someone who knows this area inside and out! If you have essential criteria for your ideal home, we can help you find the right home at the right price for you, including all the neighborhood amenities that matter.
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