Selling Sunset's Emma Hernan and other experts say now is the time to buy a house: ‘It's one of the best investments you could make'

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If you're a prospective homebuyer trying to navigate today's housing market, you might be asking yourself: Should I even buy right now or should I wait?

During the pandemic, home prices skyrocketed and post-pandemic mortgage rates soared. Since then the hot market has yet to cool and rates remain high due to inflation. The average interest rate for the benchmark 30-year fixed mortgage reached 7.29%, as of July 31.

Many experts expect mortgage rates to remain elevated thanks to the Federal Reserve's interest rate hikes and continuous economic uncertainty.

And while that might seem like big red flag, especially for first-time home buyers, real estate experts tell CNBC Make It that now is the time to buy a home.

'Anytime there's volatility in a market, it's a good opportunity'

Mike Biryla, a real estate agent at The Agency, says he tells clients it's best to move forward with a purchase right now because "sellers are real."

"Sellers that are on the market right now are not opportunistic sellers," he says. "This isn't the market where sellers can just try for a high number and see if it'll happen."

Biryla, who has been a real estate agent for 10 years, says he always tells his clients that if they're committed to staying in one particular area, it's better to purchase a home there than to continue paying rent costs that will continue to rise.

"You're going to own a hard asset that will appreciate and keep its value as opposed to just paying somebody else's mortgage," he adds. "Anytime there's volatility in a market and people are nervous, it's a good opportunity."

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'It's all about that mailbox money'

Star of Netflix's "Selling Sunset" and real estate agent at The Oppenheim Group Emma Hernan tells CNBC Make It that the most important thing is to remember that you're trying to set yourself up for the future.

"If you're not ready to take on that responsibility just yet but want to lock in an interest rate, buy it now," Hernan said.

She's a true believer in growing into homes and keeping them as an investment property until you do: "Down the road, you can move into it. In the meantime, rent it out and start making passive income. It's all about that mailbox money."

"When it comes to real estate, I think it's one of the best investments you could possibly make. It's great for your portfolio and it's great for your retirement," Hernan said.

Experts say it's important to look at a home as something you can grow into and don't need to live in forever.
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Experts say it's important to look at a home as something you can grow into and don't need to live in forever.

"You can buy a home you can grow into and you'll eventually outgrow it, that's normal," she says. "But what people don't realize is that this home doesn't have to be one that you live in forever."

As a real estate agent for seven years, Hernan, who is currently based in Los Angeles, says the biggest mistake she sees her clients make is they get mesmerized by the glitz and glam instead of considering what life will be like when they actually live in the space.

"It's best to buy the smallest home in the best neighborhood because you're buying into the neighborhood. Your value will go back up a lot faster," she said. "You never buy the best home in the worst neighborhood."

The bottom line: The experts agree that if you can afford to buy a home right now, you should. Keep in mind that the purchase is both a financial and personal investment.

Correction: This story was updated to clarify that mortgage rates soared post-pandemic in 2023.

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