If you are shopping for a home today, you know it’s really hard work. You may not find something right away and it’s super easy to get fatigued. Some buyers may get discouraged and say, “Let me take off a few months. Maybe I’ll come back in six months and see where everything’s at.” Well here’s the thing, while you can take some time off, the market isn’t and it is continuing to appreciate… and it’s hot right now in Clark County and in the Portland area.
The forecast appreciation is approximately 2% in just the next six months. Let’s quantify that. If you’re looking at homes priced at about $355,000 today, that home would be worth $7,100 more in six months. And if you were planning on putting the same amount down for percentage-wise, you would have to bring in more down payments since a home is now more expensive.
And what about those interest rates? Some folks think that rates aren’t as low as they could go. Well, while they’re at really attractive levels right now, does it make sense to wait for rates to go down further? They may not. They may go the other way. So, the monthly savings with a lower rate may be nice, but it is dwarfed by the missed appreciation and amortization. And it could take many years to recoup what you would have lost. Should rates drop significantly, we can always refinance you in the future. So stick with it, keep shopping, and you will find your home.