Dave Ramsey: Don’t Wait, Buy That House Now (If You’re Financially Ready)

Personal finance guru Dave Ramsey is urging potential homebuyers not to be discouraged by rising interest rates, saying that current market conditions might actually favor them. In a recent email to TheStreet, Ramsey argued that for those who are financially prepared, “now’s the time” to jump into the housing market.

Ramsey acknowledges that higher interest rates are a concern, but emphasizes other factors to consider. He cites data suggesting a potential slowdown in home price growth, along with a rise in housing inventory compared to last year. This translates to less competition for buyers, potentially leading to a more balanced market.

“High home prices aren’t likely to change drastically anytime soon,” Ramsey said in the email. “So, if you’re ready to buy, with a down payment and emergency fund in place, don’t wait on the sidelines.”

Ramsey’s message comes with a big caveat: financial preparedness is key. His signature approach emphasizes being debt-free (excluding mortgages) and having a fully-funded emergency fund before even considering a down payment. Ramsey believes this financial discipline sets buyers up for long-term success and avoids them being stretched thin by unexpected costs.

Should interest rates drop significantly in the future, Ramsey suggests homeowners can always refinance their mortgages to secure a lower rate.

For those still on the fence, Ramsey’s advice is clear: prioritize financial readiness, and if you’re prepared, don’t be afraid to take advantage of the current market dynamics. But remember, buying a house is a long-term commitment, so ensure you’re in it for the long haul.


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