It’s no secret that mortgage interest rates are higher these days. But before you put off your Northwestern Wisconsin home or land purchase, consider these points!
1. Desirable land that allows for home building, agriculture, or recreational uses will not get cheaper with time. This is especially true for waterfront property.
2. Higher rates have thinned out the pool of buyers somewhat, which means more sellers are willing to negotiate on price. Also, sellers are motivated in the fall and winter months when buying activity tends to slow down. This could be your best time to buy!
3. When sales slow down for home builders, they build fewer homes! The costs of labor, materials and land acquisition still need to be covered in their sales prices. Waiting for new home prices to drop, or for inventory to increase, is risky. Neither may happen.
4. If you buy today, and mortgage rates go down in the future, you could refinance into a lower rate. In the meantime, you will be building equity in your property.
5. Some homes and parcels are truly once-in-a-lifetime opportunities. Look at what your budget can buy today, and pay attention to the market. When a gem comes along, be ready!
When you are ready to buy a home in Northwest Wisconsin, Six Lakes Realty offers the very best in real estate guidance! We are a locally-owned family business with over 40 years of experience. Contact us today for friendly, hometown service!
Six Lakes Realty
Office: (715) 924-4806