With rising rates, is it best to wait?

It's no secret that mortgage interest rates are higher than many have seen in their lifetime. In fact, it has many questioning if purchasing a home now is still a good idea or if it would be better to wait. According to the National Association of Realtors Homeownership is the largest source of wealth among families, with the median value of a primary residence worth about ten times the median value of financial assets held by families. What is even more alarming is the is the average net worth of a renter is $6,300.00 while homeowners have an average net worth of $255,000.00. The difference is staggering!

Owning a home is more than just providing a safe place to call home. It is a vehicle to build wealth. I have seen first hand how owning real estate has changed peoples lives. Owning a home is like a forced savings plan. As equity increases so does your options. I have had clients take that equity and purchase a larger home that is a better fit for their family. Others have used their equity to purchase investment properties. Some see their equity as a safety net and take out a HELOC because they want access to those funds in the event of an emergency or a job loss.

While interest rates may be higher now than in the past, it shouldn't keep someone from purchasing a home. The wealth that owning real estate can literally be life changing. I know it was for me.

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