On a weekly basis I have a conversation with someone here in Atlanta who hasn’t purchased a home yet for one reason or another. In the past few years, and especially in the last 6 months, the main concern I hear from people is that the market is too “HOT” to buy right now and they think it’s best to wait for the market to “COOL DOWN”. If that is your line of thinking then this post is for you. Here are 3 reasons why you shouldn’t wait to buy.
1. Start building equity TODAY! The longer you wait to start building equity, the less you will have down the road when you need it. The time is now to start investing in your future.
2. Record LOW interest rates. If you’e seen any of my other posts you have heard me talk about these historically low interest rates. Well, that’s because your interest rate determines your buying power and the rates we’re seeing today have NEVER been seen before. The rates have started to creep up since the beginning of the year and will continue to climb. The buyers who take advantage sooner will reap the largest reward down the road.
3. Home values in Atlanta continue to increase. Even after the crash of 2007-2008, the Atlanta real estate market bounced back faster than other markets, has grown faster and continues to rise when other markets have stagnated.
(Bonus) “LOCK-IN YOUR MONTHLY PAYMENT” – If you are paying rent in Atlanta as the rent payments continue to rise, STOP doing that. You can lock down a mortgage payment that will NEVER go up on you.
If you have any questions about your current buying power or anything else about the home buying process, please don’t hesitate to reach out to The Stanley Group.