Do you have questions about the Real estate market? If you’ve been shopping for a home for sometime, you may be asking yourself if you should wait and see. Wait and see if rates come down, wait and see what the Fed does next or wait and see if home prices come down. The thing is, rental rates continue to increase and if you are buying a primary home, you may not have the wait and see option. Stick around till the end, I want to share with you how you can get my free Buyers guide.
I’m going to share with you exactly what I would tell my own kids. In fact my one daughter recently bought her first home in Florida and it’s exactly what I told her. “Marry the House, Date the Rate”. I actually didn’t say that exactly, but I heard that quote from a friend last week and I thought that’s exactly what I told my daughter.
Their rent was increasing, in fact it would have been very close to what their mortgage payment was. So they found a house, it needed work, but the price was within their budget. They got in and with a little sweat equity, they are making it their own, exactly like they want. Then when rates come down, they can refinance, and at that time maybe pull some money out to buy a rental property. But that’s for another video.
If you’ve been searching for a home, don’t stop now. Right now you are potentially dealing with a little less buyer competition, perhaps a slight drop in home prices and if you do find that home and want to make an offer, hopefully you’re not dealing with multiple offers. I know this is not conducive for every situation. As a buyer, you do lose buying power as the rates rise. If you’re trying to keep your monthly mortgage payment at a certain point, obviously that changes as interest rates rise. Don’t give up though.
Do speak with your realtor and have them guide you to a local lender that can share with you different programs your state offers, such as 1st time home buyer programs, or no add-on fees for 2nd home buyers. I’ll leave links below and contact information to some of my preferred lenders or Leave a comment below if you have any questions about buying a home in today’s market.
The good news, rates have cooled a bit since the high of 7% in October of 2022. With good credit, you can get into a rate in the high 5’s/ low 6’s and there are some Arm’s out there with some very attractive rates. And you definitely want to shop rates. Brokers and Banks have different programs that they can offer, depending on your credit score, and Don’t forget to ask about any programs that may pertain to your personal situation, 1st time home buyer, military, police and fire etc. Download your FREE Buyers Guide with the link below in resources.
Resources:
➤ Home Buyers Guide ~ Winter edition http://bit.ly/2HBijYB
➤ Read my Blog*****@homedowntheshore.com https://bit.ly/2W8Vun4
