Why Today’s Rates Mean It’s Still A Great Time To Buy A Minneapolis Duplex

The rise of mortgage interest rates in the last few years has caused many would-be Minneapolis and St Paul duplex buyers to hesitate.

Some have even opted to sit on the sidelines and wait for rates to drop.

For those would-be duplex buyers, I have a question. What if rates never do?

By historical standards, interest rates in the 6’s and 7’s is low.  Rates in the 2’s and 3’s and 4’s are what’s unusual.

If you’re a buyer trying to time a mortgage rate, you will lose out on all the benefits of duplex ownership. That includes the opportunity to take advantage of the tax benefits, principal reduction, and rising rental income keeping pace with inflation and appreciation. What’s more, if there are a lot of duplex, triplex and fourplex buyers who are waiting, won’t there be less competition to buy what’s on the market now?

And of course, it’s likely that at some point in the future, you’ll be able to refinance at a better rate.

There is no way to perfectly time the real estate or mortgage markets, regardless of whether you’re a buyer or a seller.

And in my experience, waiting for something to drop somehow almost always seems to end up costing me more.