Does this sound like you? “I’m going to wait a year before I buy a home.” “I’m saving up more money.” The market is going to crash.” This was said to me a ton in 2017.

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Now a year has passed, and that $500,000 home you were looking at last year is currently worth approximately $540,000.

Interest rates have also gone up, just like we all predicted. What does this mean? Your mortgage payment has gone up about $200 a month because interest rates are higher and the same house is now a year older and $40,000 more. Most people cannot save fast enough to beat the market so you are losing money every month you wait – thousands of dollars a year.

If 2018 mirrors 2017 which is supposed to happen, home prices and interest rates will go up, making it more expensive to buy a home.

My advice is simple: Don’t wait any longer. Buy a home now – it’s an investment in your future. Homeownership is great and building your wealth is fantastic, so jump in with both feet.

If you are thinking of selling and buying a new home because you are downsizing or upgrading, there are a few things you should know.

My clients often say, “I think I will wait for the market to go up a little more so I can put more money down on my next property.” I totally understand this thought process. But, as your house increases in equity or value - guess what? Your replacement home is also increasing in value and interest rates are rising so your purchasing power on your new home is decreasing – costing you money.

Unless you plan on cashing your chips and moving completely out of state, it doesn’t matter when you sell and buy. If the market goes down, the value of your replacement property goes down; if the market goes up, the value of your replacement property goes up.

So, if you are thinking about selling, do it now. Interest rates are still relatively low, but they are expected to go up even more. Sell your home now so that you can lock in a low interest rate for your replacement property.

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