Another Reason To Buy Now

Dated: 10/08/2015

Views: 242

In my last blog I talked about the lull we are experiencing and why it is a great time to be a buyer.  Another reason to buy now is that interest rates are good but are expected to increase by the end of the year.

An increase in interest rates in a market with high prices, like Oahu, knocks some buyers out of the game.  Since mortgage payments are high on Oahu many buyers who qualify today may not qualify when rates increase.  Even a small jump in interest rates can ruin the dream of home ownership for those who are qualified but with no cushion.  Higher interest rates will have the most impact on those younger than 35.   A study from HouseCanary states that more than 1 in 3 Millennials could no longer afford to buy a home at current prices if interest rates hit 6%.

If you are interested in buying, don't wait.  Contact me so that we can start the process.

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