It's true that interest rates are higher at the moment. Instead of paying $2800 for your mortgage you might end up paying $3,400.
However, I believe you are still going to end up buying real estate soon. If not you know you want to. If you don't want to you probably need to but I just on the fence because of all the stuff you hear in the media. But in this blog post I want to share some different perspectives with you as to why I believe you will transact.
The first reason why you will buy even though prices are up is because a home is a basic necessity. To keep a roof over our head is the reason why some of us take on second jobs, drive Uber and start side businesses. We make sure we have another job lined up if we're dissatisfied with the job that we're in. We are working to keep a roof over our heads. We are working to enjoy time with our family in the comfort of our home and to enjoy a hot dinner plate while we're at it. At the end of the day even though prices go up we're still going to have to pay for it. People are still going to need to upgrade. Or desire to move to a better location. Interest rates whether up or down a roof over our head is still necessary.
Secondly, we have other needs and wants that are more important to us than concern over an extra $300 to $400 dollars for shelter. Perhaps you might want to move to East Orlando. What if there is a new neighborhood being built and you want to have a new construction home? What if you simply need a bigger space? Perhaps you have a baby on the way and you need a bigger room. These are needs and wants that are bigger than an extra couple of hundred dollars per month.
Thirdly, even though interest rates are high, being a homeowner will still help you build equity for your future. Building home equity may not be the biggest or only financial advice anyone can give to you. However, to a lot of people it's better to work hard and pay for something that will actually be yours in the end. So when you do decide to move you can either use the equity to buy a new home, to invest ,even retire or simply just live in a mortgage free house. Higher interest rates will not stop you from building equity. Perhaps it will be slower I must admit, but it's still good financial advice…
In conclusion, statistically it is true that there are less home sales in Orlando at the moment. There are less transactions and less listings. It is true that the inventory is still low. But I'm going to quote something from real estate expert Ricky Carruth. "Closings happen everyday". No matter what! No matter what recession or what booming Market is going on, closings happen every day. Therefore if you're on the fence of pursuing your real estate desires go ahead and take that leap of faith with the help of an experienced agent.
I hope
this helps