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  • erinoxford

Date Your Rate ~ Marry The House

No matter where I go, or what I'm doing, the topic of real estate inevitably always comes up. And I think it's fantastic! I love what I do and I'm happy to share my thoughts when asked...although that's just what they are - my thoughts. As I've mentioned before in previous posts, I didn't really think long-term about what I was getting myself into, or maybe I just didn't know what I didn't know. The real estate market is tough, and there's lots of competition and other amazing agents...but that's not all I didn't think of. I came in post-covid. What does that look like? Well...the market changed quickly and it continues to change month to month. There was no more crazy pricing, inventory went way down and everyone started to work their asses off to maintain or find their piece of the pie. And then....let's add in interest rate hikes! Don't get me wrong, I'm not complaining. I actually feel very blessed to be coming in when I did. It has allowed me time and grace to begin learning my job well. Every day I still learn SO much and I feel very fortunate to have other agents around me that help to keep me out of trouble, but I digress. Interest rates and marrying a house - what do I mean by that? As a new home buyer or someone who recently renewed with a variable rate it means way more money going out than expected, but really if we take a look historically, where we are now is "normal" or pretty close to it. The other overwhelming fact is that rates fluctuate with time. Will it go up more? Maybe. Will it go back down? Maybe. If I had a crystal ball with all the answers, you want to bet I'd be living my best life on a beach somewhere with an ice cold Margarita in my hand...but as it stands, the best we can do is guess. And that's the point of "dating the rate". It's going to change, good or bad, and you adjust accordingly. It's all about the house. Have you found your dream house? Maybe you're still looking? When you find it - what's it worth TO YOU? That's where your focus should be, on the house. That's the long-term investment and perhaps some years are tougher than others to hold onto that investment, and some years you have a little extra money for renovations. It always ebbs and flows. Now don't get me wrong and please don't think I'm minimizing what's happening in the market right now - when mortgage payments double or triple it's not sustainable and sometimes isn't even doable. That's why it's so important to find a well versed and trusted mortgage broker/agent to act in your best interest to help you along the way. As my friend Connie says "date the rate and marry the house"!

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