Happy Thursday – I hope everyone is doing well. If you have been watching the market, you saw rates went down last Thursday after the fed meeting and then back up Friday and Monday due to the jobs report. The next big headline is the CPI data that comes out next Tuesday. We are hoping it shows inflation is down again and rates will follow.
Interest rates are going to continue to be higher than we want until inflation gets under control and homes are going to continue to appreciate due to low inventory. However, rates will come down again so it is still a great time to buy.
For this video, I want to discuss what buyers really need to focus on right now. When you are buying a home, there are a lot of moving pieces but the biggest item to focus on is your budget. You need to go into the process knowing what is the most you can bring to closing and what is the maximum monthly payment to fit within your budget. Once you know this, you can determine the most you can pay for any house. (If you are a first-time home buyer or don’t have a budget please see below for our next classes.)
Once you know your maximum price point, you can work with your realtor to see what homes fit your needs. Then if you are patient, you are going to find the right home and be able to refinance once rates drop and in 5 years, be very happy with the equity you have built.
As always, thanks for continued support and trust. Please call us if there is anything else we can do to help.
Upcoming Zoom Classes
•First Time Home Buyer - Feb 14, 2023 12:00 PM (Zoom)
•Personal Family Budget - Feb 21, 2023 12:00 PM (Zoom)
Cornerstone Mortgage Group
Georgia Residential Mortgage Licensee: 21412 • Company NMLS: 147913 • Individual NMLS: 147938