“I’m waiting for the market to reach bottom before I buy!”
I hear that a lot these days. People are out there looking. They are finding homes they like that are priced much lower than they were 2 years ago, but some are hesitating because they aren’t sure that the “market has hit bottom yet.”
Waiting for the market to hit bottom may be a good strategy for “all cash” buyers assuming of course, that what they like is still available. But for most of us that will be getting a mortgage, waiting for the market to reach bottom while interest rates begin rising could mean you get less of a property for the same monthly payment.
Consider that a change in 0.2 points will increase a $100,000 loan amount by an additional $100 per month, so over a 30 year period, that additional 0.2 point will increase the amount you have paid by $36,000.
Poipu luxury home with unobstructed ocean views
Today’s prices on Kauai are at a low. The inventory still has great properties, but the better ones aren’t staying on the market long. As the inventory begins to deplete, buyers will be looking at a picked over inventory, and may not be finding the property of their dreams.
Anini estate home
Have we hit bottom?—It’s hard to tell. Do we have great deals?—Absolutely yes! Are interest rates still low?—Sure are. Are interest rates predicted to begin rising?—That’s what the lenders are telling us.
Time to buy? There may be no better time than now. If you have ever dreamed of owning something on Kauai, we are here to help you find that perfect fit!
North shore estate
Call me at (808) 651-5676, I am here to help you find exactly what you are looking for.
Lucy Adams, R(S)