Your Realtor can tell you all day long about the joys of your impending homeownership – I’ve been telling my clients for years as I’ve watched them relish the benefits of equity, tax deductions and, most importantly, pride in ownership. In a competitive market drought with bidding wars and low inventory, I reassure my clients that real estate is a long-term investment. Advantageous mortgage rates make a desirable housing market substantially more affordable, and given the state of the market, I took my own advice and started searching for a home for myself.
After saving up for my down payment, I purchased my first property in April for the same price the seller paid for it in 2006, toward the height of the market. I paid the list price after a contract for the same property fell through, and the listing agent gave me an opportunity to swoop in as a backup before going back to the open market.
Why, you might ask, would someone in the real estate know pay list price for a property? I live in the same reality as all of my clients – I am competing with other motivated people who want to take advantage of low mortgage rates, and I must contend with the same tight inventory. When I saw something very special, I figured that it would be hard to go wrong at an interest rate starting with a three.
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