{"id":3671,"date":"2024-01-12T09:00:00","date_gmt":"2024-01-12T14:00:00","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=3671"},"modified":"2024-04-25T23:17:01","modified_gmt":"2024-04-26T03:17:01","slug":"buying-a-home-while-interest-rates-are-still-high-the-case-for-yes","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/buying-a-home-while-interest-rates-are-still-high-the-case-for-yes\/","title":{"rendered":"Buying a Home While Interest Rates Are Still High? The Case for \u201cYes\u201d"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

For too many years, the U.S. housing market<\/a> has been out of reach for too many people. But giving up might not be an option.<\/p>\n\n\n\n

Those able to get a foothold in this market often do it to attain a viable financial future. A homeowner\u2019s wealth goes up along with home values. So, owners accumulate home equity month by month. And property inflation helps them do it.  <\/p>\n\n\n\n

In this context, a recent NBC News<\/em> segment featured financial advisers who urge people to become homeowners \u2014 in spite of the current high interest rates. From their perspective, not<\/em> owning is unaffordable.<\/p>\n\n\n\n

After all, the gap between the haves and have-nots of real estate widens with inflation. Fear of missing out, a.k.a. FOMO, is a totally reasonable response to this reality.<\/p>\n\n\n\n

Or you can\u2026<\/p>\n\n\n\n\n\n\n\n

Hang on, Baby: Lower Interest Rates Are Coming (They Are, Right?)<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

We know interest rate cuts aren\u2019t coming right away. The Fed\u2019s inflation data<\/a> is still too unsettled. Some commentators think rate cuts are completely out of the cards. CBS News<\/em>, on January 11, 2024, blasted the alarm: Mortgage interest rates could soon be on the rise again<\/em>.<\/p>\n\n\n\n

That\u2019s the day some unwelcome data came out. Turns out inflation rose in December 2023.<\/p>\n\n\n\n

This is why we know the Fed is going to keep rates up at least a little while longer. Rate hikes are done to put a lid on inflation.<\/p>\n\n\n\n

If the January 2024 inflation report really indicates that inflation will be stickier than we thought this year, then interest rates could<\/em> rise yet again. The government hasn\u2019t ruled out potential hike rates in their next meeting on January 30.<\/p>\n\n\n\n

Well, if that happens, for some homebuyers, CBS <\/em>says, \u201cnow may be their best chance to act\u201d before rates go up again.<\/p>\n\n\n\n

But lower interest rates by the second half of 2024 have been widely expected. And assuming rates do come down<\/em>, the market will attract more buyers. Already, as of mid-January 2024, the typical mortgage comes with interest in the 7% range. Just a few months ago, it was nudging 8%. As interest rates go down, the market becomes more inclusive \u2014 and competitive! Lower rates are a two-edged sword.<\/p>\n\n\n\n

Meanwhile, loan-backers Fannie Mae and Freddie Mac want to take a \u201cmore inclusive approach\u201d to mortgage approvals. They have acknowledged that every loan applicant with a low FICO\u00ae score isn\u2019t necessarily a default risk. So they will adopt new credit scoring models.<\/p>\n\n\n\n

On the horizon! New credit score models for conventional loans are coming next year<\/em><\/a>.<\/em><\/strong><\/pre>\n\n\n\n
Let the Equity-Building Begin.<\/h2>\n\n\n\n
If you\u2019d like to buy a home, and the market you\u2019d like to buy into won\u2019t work with your finances, you are not alone. You might need more time to get situated. But that shouldn\u2019t mean giving up entirely on getting a deed in your name.<\/p>\n\n\n\n
Once you do achieve that goal, then your equity-building years can begin.<\/p>\n\n\n\n
Every time you submit a monthly mortgage payment, you\u2019ll be reducing your total debt, building your credit profile, and increasing your equity in the house. (Your home equity is the share of value you own, minus the mortgage debt.) As you continue to own your home for the long term, you can expect to see real estate values establish new highs.<\/p>\n\n\n\n
All this adds up to the major reason why real estate tends to be a good investment over time. Ask just about anyone to name a safe, low-risk investment, and real estate will be among the top three answers, if not the first. And we now know that the value of home equity holds firm even through a pandemic.<\/p>\n\n\n\n
There\u2019s a message in real estate\u2019s resilience. Today\u2019s hopeful buyers, take heart.<\/p>\n\n\n\n
It\u2019s a Long Game.<\/h2>\n\n\n\n
For a homeowner, waiting for a home\u2019s value to rise is like watching paint dry. (From a buyer\u2019s standpoint, that\u2019s helpful.) And yes, with buying so costly now, it can take years to reach a break-even point. Moving is expensive, too. But equity-building is a long-term play. Inflation is what pushes the home\u2019s market value up, and that\u2019s basically a waiting game.<\/p>\n\n\n\n
Waiting is worth it, if historical data is any kind of guide. The overall rise in U.S. property values is fairly consistent, if you stand back and look at the chart.<\/p>\n\n\n\n
Try it now. Look at this chart from St. Louis Fed<\/a>. Or just think about whatever home you are in right now, how much it would have cost your parents to buy, and how much it\u2019s valued at now.<\/p>\n\n\n\n
Does all this make buying a home risk-free? No. Neighborhoods can lose value. Climate change<\/a> can also take value out of a home, or out of a whole area.<\/p>\n\n\n\n
Does it make buying a home free of struggles? Definitely not. Homeowners have to stay on top of property taxes, insurance, homeowner association (HOA) dues, and property upkeep. Property taxes rise along with property values. Then again, mortgage interest is deductible with the IRS.<\/p>\n\n\n\n
Owning has all kinds of cost-benefit tradeoffs. Rates are only one element in the broader picture. Interest rates vary from month to month, week to week. It\u2019s very hard to time where they\u2019ll be in three, six, or 12 months from now.<\/p>\n\n\n\n
Mortgages can be refinanced, and a first home need not be a dream home. Getting on the ladder is a dream worth celebrating.<\/p>\n\n\n\n
Compare It to the Alternatives.<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n
Compared to other assets, real estate is a relatively predictable holder of value. And some buyers use it to draw income by starting a small rental business<\/a>. A variation on this theme is house hacking<\/a>: buying a home to live in, together with renters. These goals can be achievable even with a loan backed by the Federal Housing Administration (FHA).<\/p>\n\n\n\n
Getting a mortgage and maintaining a home is not for everyone \u2014 but for those who do buy, it is indeed a form of wealth-building.<\/p>\n\n\n\n
And it\u2019s never too late to get into it. Buying the right home, in any economic climate, can increase a consumer\u2019s financial strength.<\/p>\n\n\n\n
What\u2019s Our Takeaway Here?<\/h2>\n\n\n\n
Homes provide shelter and comfort. And they do more than that. Homes also serve as assets. In this economy, that counts as much as it ever has. And still, each new buyer sets out on a unique journey. Some will struggle. Some will prosper.<\/p>\n\n\n\n
The key point? It\u2019s a little easier to prosper after buying an asset that appreciates in value over time.<\/p>\n\n\n\n
Supporting References<\/strong><\/p>\n\n\n\n
Johann M. Cherian and Ankika Biswas for Reuters, the Thomson Reuters news agency, via Reuters.com<\/em>: Wall Street\u2019s Indexes Choppy as Inflation Data Dampens Rate-Cut Hopes<\/a> (Jan. 11, 2024).<\/p>\n\n\n\n
Matt Richardson for the \u201cManaging Your Money\u201d section of CBSNews.com<\/em>: MoneyWatch \u2013 What the Inflation Rise Means for Mortgage Rates<\/a> (Jan. 11, 2024, using reports from The Associated Press).<\/p>\n\n\n\n
Marley Jay and Jasmine Cui for NBC News<\/em> via NBCNews.com<\/em>: Why Buying a House Is Still Financially Beneficial Even With Sky-High Prices and Interest Rates<\/a> (Nov. 11, 2023).<\/p>\n\n\n\n
Deeds.com<\/em>: Four Reasons Real Estate Tops Other Investments<\/a> (Aug. 3, 2022).<\/p>\n\n\n\n
And as linked.<\/p>\n\n\n\n
More on topics: Repairing a credit score<\/a>, Buying a house to\u00a0build wealth<\/a><\/strong><\/h3>\n\n\n\n
Photo credits: Joslyn Pickens<\/a>, Seda Kay\u0131\u015f<\/a>, and Mikhail Nilov<\/a>, via Pexels\/Canva.<\/p>\n","protected":false},"excerpt":{"rendered":"
For too many years, the U.S. housing market has been out of reach for too many people. But giving up might not be an option. Those able to get a foothold in this market often do it to attain a viable financial future. A homeowner\u2019s wealth goes up along with home values. So, owners accumulate […]<\/p>\n","protected":false},"author":2,"featured_media":3672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[131],"tags":[937,327,938,326,935,185,939,140,936,388,940],"class_list":["post-3671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-buying-a-home","tag-fannie-mae","tag-financial-future","tag-freddie-mac","tag-high-interest-rates","tag-home-equity","tag-home-value-appreciation","tag-mortgage-rates","tag-property-market","tag-real-estate-investment","tag-real-estate-resilience"],"yoast_head":"\nBuying a Home While Interest Rates Are Still High? The Case for \u201cYes\u201d - Deeds.com<\/title>\n<meta name=\"description\" content=\"Explore why purchasing a home during high interest rates can be a wise financial decision. 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