Always buy the best option

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COLUMBIA BASIN – Jennifer Kron, a broker with Moses Lake Realty Group, said it still makes more sense to buy than rent, despite rising mortgage rates, housing shortages and rising home prices across the board. the Columbia Basin.

“It’s our job to educate the community and educate buyers and remind them that it’s still the best investment of your life to buy real estate,” Kron said.

She also said Moses Lake hasn’t been affected much by interest rates because it’s still affordable to live in Moses Lake compared to cities like Seattle and Spokane.

What the rates affect is the buyer’s payment, Kron said, which makes it slightly more difficult to find a home within the buyer’s budget.

“If they’ve owned their home for more than five years, chances are they’ll be making over $100,000 with their home,” Kron said. “And so they can take that and use that as a down payment on their new house and they can get that payment up to where their house was that they just sold and have a little bit more equity in a house.”

She also noted how the money people earn from their homes can change their lives. Some people will use the money they earn from home to pay off debt, especially high interest debt, and may be better off financially to invest more money in a bigger home or things. they want.

She said the housing shortage is the biggest problem buyers are facing right now, but it still makes more sense to buy rather than rent.

“Interest rates change, you can refinance, but you still need a roof over your head and it’s still your best investment,” Kron said.

According to a real estate bulletin for Grant County compiled by Movement Mortgage and drawn from data from the US Census Bureau and the National Association of Realtors, of the county’s approximately 95,000 residents, 41,000 are renters and 10,000 of those renters may afford to buy.

It also shows that while Grant County’s unemployment rate is still above the national average of 3.6%, it has fallen from 8.81% in 2020 to 4.03% in 2022. Employment has also fallen from just under 40,000 in 2012 to over 45,000 in 2012. 2022.

Angie Knutson, branch manager of Movement Mortgage in Moses Lake, said the rate increase had only slightly affected the number of clients they see, but agreed with Kron’s mention that the housing shortage was the biggest problem.

“The housing shortage is driving up prices right now, so what you’ll see is that interest rates as we go through the recession are going to come down,” Knutson said.

The housing shortage isn’t just a Moses Lake, Grant County or Washington state problem, Knudson said — it’s a national problem.

Knutson referred to the saying, “Marry the house, date the rate.” She explained that people should buy the home they want because they can always refinance their rate later when rates drop.

“Committing to the house doesn’t mean you have to commit forever to the financing available now…. And if the rates only get worse, then you’ll be glad you married the house when you did,” Knutson recently said via social media.

Rebecca Pettingill can be reached at rpettingill@columbiabasinherald.com.

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