Brad Huffman
With the possibility of interest rates going down in the next year or two, many potential homebuyers may be waiting to make that big purchase.
But, that’s a mistake, said Brad Huffman, mortgage adviser with Midwest BankCentre, which has 16 branches in the St. Louis area, including ones in Arnold, Imperial, Crystal City, De Soto and Fenton.
“Rates are possibly going to decrease over the next year or two, but during that time, home values are increasing pretty rapidly,” Huffman said.
In fact, in the St. Louis area, homes are appreciating on average about 7-12 percent per year, he said, and there’s no guarantee those interest rates will decrease. So while homebuyers who wait may see lower interest rates upfront, they’ll likely end up paying thousands more for the property at the same time.
Part of the reason for the rising home prices is the shortage of inventory across the nation, which means there are more buyers than sellers, Huffman said.
As a result, he said, homebuyers would be smart to purchase sooner to avoid those base price increases. Plus, if and when interest rates drop, those who already bought homes may look into refinancing.
“It really does make sense to purchase now,” he said. “You’re saving yourself a lot of money.”
Huffman said those who decide to buy a home may look to Midwest BankCentre to provide some of the most competitive interest rates since it is widely recognized as a premier financial institution throughout the St. Louis area.
For more information about Midwest BankCentre, whose Nationwide Mortgage Licensing System number is 1832014, visit midwestbankcentre.com.
