It’s no secret that interest rates are on the rise and that has many people thinking twice about purchasing a home. While interest rates certainly play a big role in a monthly payment, higher rates shouldn’t deter you from buying a home. You should consider the cost of your current rental rate and the cost of a mortgage.

One of the driving factors for many home buyers is the fact that they are building equity with each mortgage payment rather than helping someone else build equity in a rental property. Another advantage is the ability to make it your own, whereas most landlord’s limit the things a tenant can do to a property.

Of course, buying a home isn’t always the best choice for some due to different circumstances and timing. There is also something to be said for the flexibility and freedom renting offers. However, if you feel the time is right, don’t let the higher interest rates scare you away. Talk to a lender about the rates available and how much mortgage you qualify for based on your debt-to-income ratio, credit score, and other factors.

If you are ready to be a homeowner, contact a Stutesman Action Realty real estate professional today, 417.667.8400. There are many properties available for all tastes and budgets. Now is the time, the tide has turned, and it is a buyer’s market. Don’t delay!

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.