Ask Elizabeth

I’m often asked my views of the Real Estate market, especially given the recent economic fluctuations with inflation, increased interest rates, and stock market declines. Is now a good time to buy? Yes. Now is still a great time to buy and here is why: 

  • With inflation, investing in real estate is a safe, long term option.
  • Interest rates are still historically low (in the 1980’s, interest rates were 20%).
  • Rental inventory is scarce and rental prices are higher than ever. 
  • As inventory rises (which we are starting to see as listings aren’t moving quite as fast), buyers that have lost multiple bidding wars will now have an opportunity.
  • While rates have gone up, buyers can still choose an arm – many of our clients do. I have bought and sold many times, and have always chosen an arm (current rates roughly 3.5% for 5/1, 4% for 7/1, 4.5% for 10/1 w cross country mortgage). You can float down when rates drop again. We are constantly refinancing /taking advantage of better rates. 

It’s still a great time to buy, with several payment plan options available to suit your needs. With the constant fluctuations of the market and economy, now is better than ever to buy as rates are expected to continue to rise. Reach out with any questions!

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The Rakela Team
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