Interest rates went up again in October as we expected and it’s affected the market.
Year over year, the number of homes sold in the Kingston area went down by 36.8%.
We talk to buyers and what we often hear is “Hey I’m going to wait till next year.” But the fact is, we don’t even know what’s going to happen next year. Interest rates could go up. If they go up and you buy now, you win because you’ve got a better rate. If they go down and you buy now, you’ll have the option to look at refinancing, which may make sense.
Regardless of whether rates go up or down, based on history, your house will appreciate. You’re going to be building value. You’re not building value right now if you’re renting.
Contact us and let’s talk about the economics of whether you should buy your home right now.
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