Mark’s Market Update – 10/14/2022
Don’t be Hamlet…
Hamlet had the famous soliloquy “To be…or not to be? That is the question.”
Paralysis by analysis. We’re seeing too much of that right now. People who aren’t sure they should buy when rates are higher than they’ve been in a long time, or wait until rates are lower.
Don’t analyze to the point that you miss the boat.
Remember – 3% interest rates were a gift. When you go through life, and you receive a gift from someone…do you look at the gift, say thank you, and then ask, “When will you give me another gift?” Of course not. If someone else received a gift (of the 3% interest rates), would you say to the giftor, “Hey – I noticed you gave this other person a gift…when are you going to give me mine?”
Here’s the thing…be happy for the gift. If you didn’t get the gift, don’t be jealous of the person who received it…and in both cases – be happy that the gift occurred, with no expectation as to whether it will ever be given again.
Don’t analyze until you get paralyzed into non-action. If you want to buy a home…BUY A HOME! As long as you can qualify, you can afford the payment and come up with the down payment and closing costs – that’s all that matters.
We can fix the rate with a refinance later. But, I can’t refinance a sales price. So, when rates drop and prices start zooming up again – it will be too late.
I’ll help with the numbers. All you have to do is help with the decision.