The talk right now is all about the election- how it will affect mortgage rates, short- and long-term borrowing costs, and what will happen moving forward depending on who is the winner. The president of the United States does not control mortgage interest rates. No one person, entity, body, or authority does. They are determined by a multitude of factors. Most people only what to know one thing- where are interest rates going over the next 6-12 months? The commentary that I have seen from people a lot smarter than me say that interest rates should stay where they are, or close to where they are, for a while. Anyone or anything you hear or read that concludes with certainty where they will go you can put out of your mind. No one really knows what will happen. All we can do is look to the experts and see what projections are moving forward.
I field questions every week, if not daily, on where the rates are going and if now is a good time to buy or not. My response is always the same. If you can afford your monthly payment for the mortgage, and you can meet the funds needed to do a deal, then you should buy now. There is a great saying that goes “You don’t wait to buy real estate- you buy real estate and wait”. I think this is the mindset that needs to be given to people who do not own, or who own one primary residence but who want to start investing and who want to acquire more property. The first step is to buy the first house. If you do not own real estate, or you want to invest and start to build a portfolio of properties, you need to surround yourself with people who are experts in these fields and who can advise you on what to do. It doesn’t hurt if the people who are advising you have also already done the things you are looking to do! The team at CHORD have professionals across all industries they can connect you with to add value to your life, help coach and advise you, and help you accomplish your goals. If 2020 has taught us anything- it is to expect the unexpected. Take the time for the remainder of the year to make some goals for 2021- and then get a team of people around you to help plan to accomplish those goals.