Benbrook Realtor Says Waiting on Rates May Cost Buyers Opportunities.

For renters hoping mortgage rates will drop before buying a home, Benbrook-area real estate broker Gary Addison says there is another side of the equation worth considering.

Addison, broker and owner of Gary Addison Real Estate Agency, says today’s slower housing market may give buyers something they often had little of during the buying frenzy of recent years: negotiating room.

With fewer bidding wars, buyers may have more time to consider a home while potentially negotiating the sales price, closing costs, or other seller concessions.

Addison also encourages renters to compare what they are already spending each month with the cost of homeownership. Rent pays for a place to live, while homeowners can build equity as they pay down their mortgage and as the property’s value changes over time.

That does not mean buying is right for everyone. Higher mortgage rates can significantly increase monthly payments, and homeownership comes with expenses renters may not face, including property taxes, insurance, maintenance, and repairs.

Addison’s point is to run the numbers rather than simply wait for the “perfect” interest rate.

Rates could fall, potentially giving homeowners an opportunity to refinance. But lower rates could also bring more buyers back into the market, increasing competition for homes.

For Benbrook residents with stable income who plan to remain in the area and are already paying substantial rent, Addison suggests comparing both options before deciding.

Those interested in discussing renting versus buying can contact Gary Addison Real Estate Agency at 817-566-6678 or visit YourHome-Boy.com.