When shopping for a home, the natural tendency of any buyer is to want to pay the lowest price possible. It’s important to keep in mind, however, that the sales price is not the only factor that determines what the monthly payment will be. In fact, the impact of higher interest rates and a dwindling inventory of homes for sale can easily nullify any benefit of waiting for a lower price.
While you may have heard discussions in the media about the decline of property values in many markets, that is not the case in Austin, Texas. Home prices in recent months have increased and in many instances, there are multiple offers presented to the seller, resulting in homes selling within the first few days of being listed. When supply is rapidly decreasing and demand is quickly increasing, prices have only one place to go – and that is UP!
With Interest Rates at historical lows, it is time to stop paying your landlords mortgage and start building your home equity.