Interest rates are still going up!
How does that impact your ability to buy a home?
For every 1% the rate increases, you loose 10% of your purchasing power!!
So if you would have bought a $1,200,000 home last year at 3%, today with a rate of 4.5% it would cost you 15% every month! Or to keep the same payment, you would only be able to buy a home with a price that’s 120,000k less.
Thankfully, house prices tend to be tied to interest rates, because of the interest rate increase, prices of properties have come down about 10-15%. With the right stratergy, you’ll be paying the same monthly rate with a better home. That sounds like a win to me.
If you’re thinking about buying a home, let’s connect ASAP because these rates are going to keep rising!
