*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for certain loan products and/or discuss your options.
Throughout the last year, we've seen a mix of just about everything. House prices shot up and buyers were offering tens of thousands, to hundreds of thousands of dollars over asking price to get into homes. Then, interest rates not only took a turn for the worse...they skyrocketed to rates that haven't been seen in over a decade.
Although that first paragraph may seem bleak, and it may seem as though there is no hope for anyone to get into a new home anytime soon, I'm here to tell you that there is plenty of positives that come with a market like this.
First off, house prices are beginning to come down. The good news is that they'll continue to come down until rates improve to a point where rates and house prices will find a happy medium.
This leads us to our second point: Less Competition in the Marketplace.
The buyers who were panicking and in a rush to get into a home as the economy downturn was happening are more than likely already in a home at this point. There is less competition out there, so buyers are in a better position to purchase a new house.
With less competition to buy homes, comes with lowered prices. Lowered pricing becomes more enticing to those who are now in the market, and to those who decided to wait for the market to come back to a more buyer friendly area. In a time like this, sellers are being forced to lower the sales price of their homes and more houses are winding up on the market. More inventory means more houses to decide between, and more opportunity for you to wind up in a home that you actually love.
With more inventory at lower purchase prices, comes more negotiating power. A few months ago it was impossible to purchase a home for asking price, let alone below asking price. Now, we're seeing sellers receiving less bids than they were previously receiving, and negotiations are becoming more realistic. If there is a home out there that you love, but it's just outside of your price range, it wont hurt to try and negotiate the sales price down a bit. Thankfully, a market like this one provides that opportunity.
Rates may still be high, and frustrations may still be boiling over, but if you're looking to purchase a home, now might not be as bad of a time to buy as you think.
Contact me today to find out how buying in todays market could actually be a positive thing. Then, once rates come down, lets help you get refinanced to lower your monthly payments and strengthen your position as a homeowner.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for certain loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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