The Media will have you believe that the sky is falling and the housing market is currently unaffordable and in a horrible state. Fear and worry is what they spread. But what if we reversed that rhetoric and you heard how great of a time it is to buy a home? 

Here’s why!

Sure, rates are up. They are currently hovering around the 7.75-8 mark depending on loan type, credit, loan amount, debt to income, down payment etc. However, if you look back at history, rates are actually at the median average of 8% since  statistics of mortgage rates began being recorded. WE ARE at the historical average. During the fall-winter seasons, is whey you will get your best deals on a house. This is considered the off-market time. Sellers are more willing to negotiate the price, pay closing costs and participate in the 2-1 buydown program, which helps you offset the higher rates for the mortgage’s first two years. This gives you ample time to gain equity and be ready to refinance when the rates come down, most likely in early 2025.

There is less competition. The likelihood of having your offer accepted is much higher since you will not be competing with so many other buyers. Home inspections, appraisals and home sale contingencies are usually no longer waived, protecting the buyer. Home appreciation of 10% is expected over the next two years. On a $500k house, that is $50k in equity! Where else can you gain that kind of value, on a small down payment or possibly even no down payment? NOWHERE.

There are also little known grants available out there for first time home buyers, that a lot of people don’t know about as well as down payment assistance programs. If you look at the positives of buying a home, they far outweigh the negativity that the media would have you believe. 

Mac Church is a top producing lender, with 20 yrs mortgage experience, licensed in VA, MD, NC, SC and FL. NMLS # 659377