There have been several articles, blogs and video excerpts lately about the possibility of the Fed raising interest rates before the end of the year.
As a realtor, I say this not to scare, but rather serve as a means to inform and educate you of those inherent variables that may impact your ability to purchase a home. Whether or not any of those articles, etc., come from your trusted sources for news, the buzz is nonetheless out there that rates may increase. But what does this REALLY mean to you as a buyer?
Many people, including you, may be willing to "wait it out” and see what happens. Why? Either you don't believe the rates will go up, or perhaps are not armed with the knowledge to understand what even the slightest increase in rates does to your purchasing power. This can result in diminishing your ability to purchase what you want, while you can. For some people, an increase of aquarter of a percentage point will make all the difference in the world in the home they can purchase.
There have been several compelling articles recently written, which detail how an increase of seemingly small proportion, may actually have on your ability to purchase. This will be evident in how much you can borrow later vs. now, and how much more you may need to earn later just to buy the same house now. The results may astound you. I encourage you to do some research and ask questions.
Ultimately,you must come to your own conclusions. We can't say with any certainty, when interest rates may rise. It is, however, only a matter of time before they do. You don't need to be a full-fledged economist to come to that conclusion.
If you are seriously in the market to buy, and a new or resale home is in your immediate future, now is the time to strongly consider acting onthat decision... that is, if you want to maximize your buying power and leverage interest rates to the best of your ability. We can assist you, educate you and even empower you to decide if now is the time, or not, to buy!
Tj Torre, Buyer Specialist
Randy Bocook Team @ Keller Williams Realty CAP
Author:Randy Bocook Phone: 336-455-2128 Dated: November 14th 2015 Views: 1,628 About Randy: 50 Edsel Drive, Richmond Hill, GA...
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