Mortgage rates are going to keep rising, and home values are also still rising. Which means Now is the best time to buy that dream home or investment home in Arizona.
I’ve had many clients that bought investment homes in the last year, that are all seeing a very high profit with this amazing rental market. And for my clients that bought their dream homes, they have seen a nice increase in home values.
As mortgage rates rise, they reduce home buying budgets. Just a 1% rise in rate can mean a $40,000 drop in purchase power (in some cases) on a $400,000 purchase price. If you know you’ll be buying in the next few months, get pre-approved and receive a “lock” or guarantee that freezes your interest rate at today’s rates for a limited time (2 to 4 months, typically).
By the time you find a place you like, rates may have risen, and competing bidders who didn’t get a pre-approved commitment might have to scale back their price point from what they initially estimated. A rate lock will cost you some money up-front, but save you a lot more in the long run.
ACT NOW BEFORE RATES GO UP!!
Think you might be ready to buy or rent? Bemo Homes will work hard to find you the right home for the best price.
Please contact us today and we will begin the journey to discovering your dream home.
Go to our Advanced Home Search, that will automatically email you daily updates as new properties hit the market. Or call Brian at (480) 600-2477, and we’ll set a MLS search for you.