There are some scary rumors floating around the internet right now! “The market is crashing!” “It’s impossible to buy a house right now!” “Interest rates are skyrocketing!”

If you’re thinking about buying a house, you might wonder: Am I going to get in over my head? Will I be able to afford my mortgage payment? Is now a good time to buy?

Here are some thoughts I have about buying a house in fall 2022:

• always keep your “why” in mind. This will carry you through the whole process. Do you want to move so you have more room to grow, or do you want a smaller house so you don’t have to take care of a big place by yourself? Do you want a mortgage payment that is lower than your rent? Do you want to live closer to your grandkids?
• become best friends with your mortgage lender. A good mortgage lender will sit down with you and look at your whole financial picture; they’ll help you be creative with your money, and might make things possible that you didn’t think would be! So as you begin to look at houses, have conversations with that mortgage lender about questions like “What would my monthly payment be if I bought this townhouse vs. that house?” “What grants or financial assistance programs are available to me?” Your lender will also be candid with you about whether they think you can afford something. Reach out to me if you need a recommendation for a lender — I have a few that I have worked with for years and trust completely!
• work with a real estate agent who has a plan. When I work a buyer, I have a proven strategy to get my client into a house they love for a payment they can comfortably afford. Your real estate agent should have a plan to work with increased interest rates and the changing market to YOUR advantage!
• look at the big picture of interest rates. I found this chart from Freddie Mac incredibly helpful. Yes, hearing about a 6% interest rate sounds scary, but if you compare it to the average mortgage interest rates from the last 50 years, it’s not that bad. Your mortgage lender will also be able to help you refinance when rates dip again.
• take advantage of the market conditions. Houses are sitting on the market longer than they have in years. Sellers are more willing to give concessions and make repairs! That is AWESOME when you are trying to buy a house!
• remember that real estate is almost always a great investment. By buying a home, you are creating wealth for yourself and providing stability for you and your family. Seek some wise counsel and make the choice that is right for you, of course, but remember that real estate is one of the best ways to invest your money.

I hope this was helpful! Please reach out to me if I can help you start your journey to buying a new home.