Determining When To Buy

[Thomas McNeil]

Hello,
Total newbie, so forgive if I am missing some things. I would like to invest in a house hack in my area (Sarasota, FL) and everything you hear on the news is about how high interest rates are and that they will be eventually going down. So what is the prevailing wisdom on this? I don't understand how refinancing works, again, total newbie, so, is it best to wait until rates go down, or bite the bullet, pay a higher mortgage and then refinance?

Looking for multifamily in Sarasota area...

Thanks!!

[Stephanie Walker]

Best time to buy is when you can afford it. Even with today’s rates, which are currently at the lowest they have been in months, can you comfortably afford it?

Refinancing costs money but it is the goal with rates expected to come down over the next year.

If you were to wait to purchase, it is very likely that home prices will, in turn, increase.