This is why homebuyers shouldn’t delay their purchasing plans.
Welcome to Spring! It’s a nice day here in upstate New York, and I have lots of buyers in the area that are still looking at homes. Today I want to talk a little bit about the market and focus on our region in the counties of Chemung, Schuyler, Tompkins, and Steuben.
We have about one month’s worth of supply. When the supply is under six months, it usually indicates a seller’s market. Homes are coming on the market and immediately going under contract. Some buyers are waiting in hopes that interest rates or prices will come down.
However, it seems like interest rates are going up, and prices are not coming down. I ran the math, and I’ll share with you the numbers. You can also do your calculations by using this mortgage calculator. If today’s market had a 6% interest on a $250,000 home, the monthly payment would be around $1,900. If the price dropped to $225,000, but the interest rate went up to 7%, the monthly payment would still be about $1,900.
So, waiting for prices or interest rates to come down isn’t providing any advantage. Historically, interest rates have hovered around an average of 6%. Don’t wait to achieve your dream of homeownership. I’ll provide a mortgage calculator and a link to an affiliate, Movement Mortgage, where you can input your numbers and explore different programs.
Rents are also rising, so it’s better to own a home rather than rent and pay for someone else’s home. Start looking at homes, be relaxed about it, and make sure you hire the right Realtor to help you. If you have any questions, feel free to visit my office, call, or email me. I’m happy to help.