The purchase of residential property is one of the most important legal and financial decisions one will make during his or her lifetime. This is a choice that has the potential to bring significant negative impacts on a person’s life if not carefully considered. One of the main reasons why many potential Tennessee buyers are waiting to move forward with this step is high interest rates. However, perhaps it is worthwhile for some to take this step despite this challenge.
Buy now, or wait until later?
High interest rates are deterring many from buying at the moment, but this could mean that some potential buyers are missing out on a property that could be ideal for their situation. With rates just under 8% earlier this fall, this could mean some buyers may expect to pay as much as $1,000 more each month. Some reasons to consider moving forward despite this include:
- Home prices will likely continue to rise, even after interest rates fall.
- It is possible to refinance a mortgage later with a better rate.
- Inventory of homes is up, and there is less competition for individual properties.
Each situation is different. While some may not want to move forward with high interest rates, others may find it is the right time to find their dream home.
Protecting the interests of a buyer
A home buyer will benefit from protecting his or her interests at every step of the home-buying process. He or she may find it helpful to work with an experienced Tennessee real estate attorney in order to have the guidance necessary to make the best possible decisions. An assessment of one’s specific situation can provide insight into whether now is the right time to buy.