Time To Upsize? Take Advantage of Peaking Interest Rates and Low Home Prices
January 23, 2023
With interest rates stabilizing and home prices likely to rebound in 2023, now is a great time to consider upsizing your home. Whether you are looking to make a first-time home purchase or move up to a larger home, there are plenty of reasons to start looking now.
- You are buying at lower prices, so you need less down payment to upsize.
- Yes your rate is higher in the beginning, but as rates come down, you’ll take advantage of lower payments AND rising house prices. You win twice.
- Lower priced homes have fallen less than higher priced homes. It’s the perfect time to make the switch.
If you wait for rates to come down significantly, it’ll already be too late.
Knowing the estimated value of your current home will give you an idea of how much equity you have and what you can afford for a new home. The Tool below gives you a pretty accurate instant home valuation using recent sold homes. Give it a try.
5 year fixed mortgage rates have already come down more than 0.65% from their peak at the end of 2022. Don’t miss your chance to take advantage of this once in a life time opportunity.