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'
Emma Hernan of The Oppenheim Group and Mike Biryla at The Agency tell CNBC Make It why it's actually a good time to say yes to that big purchase.
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'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."
"You can always refinance when rates go down. You can't refinance a purchase price."
Mike Biryla
Real estate agent at The Agency
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 added. "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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"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."
Think about the big picture and look at real estate as an investment for your future.
Emma Hernan
Star of Netflix's "Selling Sunset" and real estate agent at The Oppenheim Group
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.
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