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Beat Inflation and Rising Interest Rates

The average home price in Laramie County is $400k.

This is a higher cost for homes than what we are used to. While it is swayed by new construction costs here in Laramie County, it is something we all need to prepare for. Interest rates are rising. We were worried when they got to 5% but be prepared to pay a higher rate if you need lending. The market is complicated right now. Therefore, you want to have professionals by your side to navigate it. Also, you want to make sure to have a financial plan in place. You may need to take some time as a buyer to find the right place because there is a low inventory, and the increased interest rate can be a concern for borrowing. What this looks like is:

  • Have a budget and know where your money is going
  • Stick to the budget and don’t buy anything big if you are planning to buy a home because it can impact your credit
  • Get prequalified by a lender and know what home price is going to give you a manageable mortgage to guide your home purchasing search

Beat inflation by focusing on a budget and prioritizing your savings. We have some helpful tips in the video and below for you.

  • Prices are increasing everywhere and therefore you want to make sure your family can weather this challenging time impacted by inflation.
  • Rent and mortgage payments are essential for shelter, but consider a longer-term lease to keep a stable and predictable rate.
  • Plan your meals at home and buy your food from grocery stores with friendly prices
  • Assess your purchases and buy only what you need
  • Save on gas by being strategic with your travel since fuel is so high.
  • Put 10% of your income in savings even when you don’t have a lot of money.

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