Can I Still Buy With Interest Rates Up?

With rising interest rates, many buyers have been re-thinking their decision to purchase a home at this time. For sure, higher interest rates reduce buying power. In a market with little or no inventory at the entry-level price point, many would-be-buyers had already been priced right out of the competition. This feels like adding insult to injury.

But there is a silver-lining: As sellers try to decide how to react to the lack of available home-buyers, they have begun lowering their asking prices. Think with
me a minute: even with higher interest rates, when the prices are lower, your buying power is where it would have been had you purchased several months ago, when the prices were higher and the interest rates lower.

Technically, we are still in a seller’s market because of the low housing inventory. However, sellers are now open to concessions and even willing to buy down interest rates in order to help remotivate buyers in this market downturn. In many ways, that makes this is a GREAT time for buyers to get serious about finding their dream home.

I’d love to begin a search for you, to determine which homes on the market might still be within your financial grasp. Reach out to us today at Sunshine Idaho, 208-513-9583 and let us help you find that home you’ve been looking for.

For more information, email [email protected] or call the number above. We are eager to help!