What 3 Things Can You Do As A Buyer In Today's Housing Market?
Are you still considering buying the home of your dreams in today’s market, but are feeling a bit uncertain about the rising mortgage rates and affordability?
I want to share with you three important tips you can utilize, as a buyer, shopping in today’s housing market, so you do not have to hit the pause button on your plans.
Tip #1: You may need to expand your search area and criteria that could include more affordable areas.
If you have been concentrating on a specific area that now seems out of your price range, as a buyer, you may need to expand your search area and criteria that could include more affordable areas. Opening your home search to a location further out may open up more options as a buyer. Also, prioritizing your “wish list” to not include all the upgrades you had originally planned can help reduce the cost of your purchase. These can be items you can do yourself down the road. According to a recent article on CNET “Area growth is likely to keep pace with the market, which means that the outskirts of town might be hopping within five years. By searching in the nearby cities, you may find better prices and more square footage.”
Tip #2: Work with a good lender and experienced real estate agent.
Work with a good lender and experienced real estate agent, who can discuss different loan types, as well as scenarios and alternative financing programs available to you to get the best possible rate and could save you thousands of dollars overtime.
Tip #3: Shop for programs that point you in the right direction for your home purchase.
In today’s market, it is key as a buyer to shop for programs that point you in the right direction for your home purchase. When shopping, look for certain options like gift funds, down payment assistance and grants. Today there are a wide variety of programs and benefits available for certain professions which include first responders, veterans, teachers, and medical professionals.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2022 real estate forecast, don't hesitate to reach out - we're happy to help!