Low Interest Rates Are What I Want For Christmas!

Should I buy with these interest rates?

High interest rates have continued to befuddle home buyers in 2023! Moving into 2024, while interest rates are expected to go down eventually, experts anticipate the high rates are here to stay for the time being. If you are interested in purchasing a home this year in Lynchburg, Bedford, Campbell County or Amherst County, what should you do? Wait until rates decrease? Buy now and then hope to refinance later? The answer depends on many factors. Your personal situation, your plan for the home (do you intend to move in the next 3-5 years, or is this your “forever home?”) and other factors.

So how do I process all the information and make a good decision?

One great step in the right direction is consulting:
1. An Experienced Lender
2. An Experienced Realtor

This step does not cost anything and does not commit you to anything, but it does give you valuable information including the options available to you, and that information can help you make a good decision that you’ll be pleased with for years to come!

What can lenders and realtors do to help with these interest rates?

Lenders have started offering options to counteract the high interest rates, such as rate buydown programs. Realtors and the housing market have been making adjustments as well, such as more negotiating options for home buyers!

Making the Right Decision

In summary, knowing what the right decision is for you regarding purchasing a home in the Lynchburg area and the timing of that big decision will likely require homework! At Pinnacle Real Estate, we are local, professional, experienced realtors and we love helping guide our clients through the home buying process from start to finish – regardless of what the interest rate situation may be!

Check out our reviews on Google, Zillow, and Facebook to see what our customers have to say about their experience with us! We’d love to talk with you and show you the options we can offer you regarding your home!

See our previous blog post here.