Should You Buy a House Right Now? (Or Just Keep Renting and Binge-Watching Netflix?)

Let’s face it—every time interest rates tick up or down, half the internet has a meltdown. The other half heads straight to Zillow like it’s Black Friday. So, should you buy a house right now in the Brainerd Lakes Area, or just keep renting and binge-watching Netflix?

 

Here’s the deal: Home prices in our area have stabilized—sort of. Sellers are still playing hardball, but they’re less likely to get multiple offers than they were last summer. That means you actually have a shot at negotiating. (Imagine that—negotiating! Like it’s 2015 again.)

 

• Rates are hovering around the mid-6s to low-7s, depending on your credit, down payment, and whether you buy your lender donuts every Friday. (Kidding kind of.)
• Renting? Guess what—that rent payment isn’t building any equity.
• Buying? You get roots in the Brainerd Lakes Area—plus your own firepit and maybe even a pontoon.

So—buy or rent? If you’re financially ready, it’s still a smart move to buy. Just don’t expect the seller to throw in a free side of walleye.