Are you asking yourself, should you act now with the low mortgage interest rates or wait to make a move? I’m asked this question frequently!
With mortgage interest rates still near record lows, many homeowners find themselves paying higher rates than today’s average. I see several options to help you take advantage of the current low rates before they rise again. Additionally, watch the video to see the most recent trends in the marketplace.
1. Sell and either move up or downsize.
If the vision of your dream home has changed, if you want even more space or to downsize for a lower cost of living, there has rarely been a better time to do so. Did you know that mortgage rates are at a historic low, with today’s being near 3%? Lower rates mean more purchasing power for you, resulting in a lower monthly mortgage payment. Who doesn’t love more “bang for your buck” in the long run? Taking advantage of these low-interest rates could be your ticket to a better monthly mortgage payment.
Consider refinancing if making a move isn’t right for you, but you still want to lower your monthly payments. Refinancing is an excellent option for those who want to stay where they are while still taking advantage of low-interest rates.
The most common feeling you may experience right now is concern that you will be buying a home on the very high side of the market if you purchase a property. While that could be true throughout parts of the nation, I see that Cheyenne has a unique economy and diversification of employment. Coupling this with the community’s growth and the shortage of rooftops for sale will continue to increase market values and remain stable.
While interest rates have been falling over the past few years, experts are forecasting a rise soon. Waiting to take advantage of this opportunity could mean not securing a lower rate. Even a tiny increase in rates can change the monthly mortgage payment you would pay. High interest rates result in fewer options for buyers, forcing buyers to shop for lower-priced homes that meet their monthly mortgage budget.
Another concern people are feeling is that the real estate market will hit a bubble, and we will have a crash of property values and a high number of foreclosures like we did in 2006-2009. The difference between then (The Great Recession) and 2021 is that the mortgage companies recently have been conservative with their approvals and underwriting processes. If the market does decrease in values or adjust, any money that could be lost from a purchase in a higher market will be a cash loss and most likely not result in foreclosure.
Whatever your home goals are this fall, one thing is clear, the time to act is now! If you are considering buying or selling or have questions about the process, connect with one of our top agents at RE/MAX Capitol Properties. We are happy to visit with you and answer any questions you have. Call us at (307) 635-0303, or visit our website where you can search all homes for sale in Laramie County, learn about our community in our blog and see neighborhood snapshots.