My offer on a house in Springfield got accepted because I didn't wait for a 'perfect' rate

Three years ago, everyone told me to hold off until mortgage rates dropped below 4%. I saw a small ranch house listed for $215,000 and put in an offer anyway with a 4.5% rate. My realtor thought I was crazy, but we closed a month later. Now, with prices way up, I'm glad I bought when I did, even if the rate wasn't ideal. Has anyone else bought at a higher rate and still been happy they didn't wait?

2 comments

2 Comments

sageadams4d ago

Hold on, 4.5% was not a high rate three years ago. That was basically the dream. The point still stands about not waiting for perfect, but you bought at a great time.

ward.jamie4d ago

Oh man, I feel that... I bought my place right as things were starting to go nuts. My rate was definitely not a brag at the time, and my family kept sending me those "rates are at historic lows!" articles from like 2018. But my rent was going up $200 a month, and the place had a weird little shed I could turn into an office. It's not perfect, but I'd be priced out of my whole neighborhood now. Sometimes good enough really is good enough.