Why Today’s Mortgage Rates Shouldn’t Scare You
If you’ve been holding off on buying a home because of today’s mortgage rates, you’re not alone. Many potential buyers are hesitant, thinking they should wait for rates to drop before making a move. However, the reality is that now is still a great time to buy, and here’s why High Falls | Sotheby’s International Realty thinks you shouldn’t let current mortgage rates keep you on the sidelines.
1. Homes Are Selling Every Day in Rochester
Despite what you may hear, the housing market is far from stagnant. In fact, over 11,000 homes sell every single day in the U.S.—that’s more than 470 homes per hour and 8 homes per minute! Here in Rochester, New York, buyers are actively purchasing homes, and sellers are successfully closing deals. The key is understanding your purchasing power and making an informed decision rather than waiting for the “perfect” conditions that may never come.
2. Mortgage Rates Are Just One Piece of the Puzzle
Yes, mortgage rates impact affordability, but they shouldn’t be the sole factor in your decision-making. Rates fluctuate, and waiting for a significant drop could mean missing out on a great home. Plus, if rates do decrease in the future, refinancing is always an option. In the meantime, locking in a home at today’s price protects you from potential home price increases down the road.
3. The Power of Pre-Approval with Our Trusted Lending Partners
One of the smartest moves you can make before house hunting is getting pre-approved for a mortgage. Pre-approval not only gives you a clear picture of how much you can afford but also positions you as a serious buyer in the eyes of sellers. In a competitive market, this can be the difference between having your offer accepted or missing out on your dream home.
At High Falls | Sotheby’s International Realty, we have strong relationships with some of the best lenders in Rochester, including Genesee Regional Bank, Fairway Mortgage, Prime Lending, and Premium Mortgage. We can connect you with a trusted lender who will help you navigate the mortgage process with ease and confidence.
4. Owning vs. Renting: The Long-Term Advantage
With rental prices continuing to rise, purchasing a home allows you to build equity rather than paying someone else’s mortgage. Even at today’s rates, owning a home offers long-term financial benefits, from tax advantages to wealth accumulation over time.
5. Marry the House, Date the Rate
A popular phrase in real estate is: “Marry the house, date the rate.” This means you can commit to a home you love while keeping an eye on future rate drops for refinancing opportunities. Home prices tend to appreciate, so buying now could mean securing a property at today’s price before values increase further.
6. Rochester’s #1 Brokerage Is Here to Help
At High Falls | Sotheby’s International Realty, we are proud to be Rochester’s #1 brokerage, offering unparalleled service, expert market knowledge, and a global network of resources. Whether you’re buying your first home or selling a luxury property, our dedicated team is here to guide you every step of the way.
Final Thoughts
If buying a home in Rochester, NY is part of your long-term plan, don’t let today’s mortgage rates scare you away. The market is active, homes are selling, and there are strategies to make buying a home more affordable. By getting pre-approved, working with a trusted lender, and keeping a long-term perspective, you can confidently take the next step toward homeownership.
Are you ready to explore your options? Connect with High Falls | Sotheby’s International Realty today and let us help you find the perfect home with confidence.
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