Why you should be buying NOW!
Sep 22, 2023Why buy now?
Are you still sitting on the sidelines because of rates? Fear of the market?
Forget the housing shortage. Forget only 1 home being built for every 5 jobs. Forget the reports this week showing housing will be up 9% year over year.
Let me tell you why you should be buying rentals now.
We saw around 30%+ price growth from 2020-2023. When rates drop, we expect the flood gates to open again. You can ALWAYS refinance a rate, you CANNOT manufacture lower housing prices again.
CURRENT
$250,000 purchase at 7% rate = payment of $1330.60 and $200K mortgage with 20% down, only $50,000 down in the deal
FUTURE
$250,000 value + 30% appreciation = $325,000 purchase price = payment of $1729.79 and $260,000 mortgage with 20% down, $65,000 down payment.
OR - when rates drop, your CURRENT $250,000 purchase price at a 5.5% rate would have a payment of $1135.58. PLUS - likely it’s worth more and you could even cash out at that time - keeping in mind cash out proceeds are TAX FREE.
It is $399.19 cheaper to BUY NOW versus waiting for rates to drop and prices skyrocket - PLUS you can STILL refinance when rates drop and have a payment $594.21 lower than investors who buy then.
It’s a NO BRAINER. The time is now. The opportunity is NOW.
Until next time,
Leah
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