Navigating the New Norms: 4 Rules for Home Shopping in Today's Market
If you've been holding off on buying a house because of mortgage rates, it might be time to reconsider. Let's break down some of the old rules and what's new in the world of home shopping.
First up, forget the notion that mortgage rates are sky-high.
While they did reach alarming heights in 2023, they've been on a downward trend lately, sitting comfortably in the mid-6% range.
Sure, they're not as low as we'd like them to be, but they're certainly more manageable than before.
So, if you've been eyeing that dream home, now might be the time to pounce.
You're not the only one eyeing that dream home.
Competition in the housing market is heating up, with homes selling faster than ever before. In some areas, properties are flying off the market in just over a month.
So if you see something you like, don't wait around. Make your move before someone else does.
Now, let's talk about seller concessions.
In the past, sellers held all the cards, but not anymore.
With more homes hitting the market, sellers are more willing to negotiate. So don't be afraid to ask for closing costs or other concessions. You might be surprised at what you can get.
And speaking of offers, you don't have to go all-in right away.
Gone are the days of submitting your best and final offer on the spot. Instead, consider making a 'soft offer' to test the waters. It's a low-risk way to see if the seller is willing to negotiate before committing to anything. Finally, let's talk about flipping houses.
In the past, it was a surefire way to make a quick buck. But with today's market, it's more about long-term investments.
So, if you're in it for the long haul, focus on finding a home you can see yourself in for the next five years or more.
So there you have it, the old rules of home shopping are out the window.
If you're ready to take the plunge, now's the time.
And if you need some guidance along the way, don't hesitate to reach out to us, your local mortgage professional. We'll help you navigate the ever-changing landscape of the housing market.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.