Are you someone who is trying to time the real estate market right now due to the uncertainty with mortgage rates? There will always be pros & cons to buying in every market, so don’t get too hung up on trying to time it.
🔹When interest rates were lower last year, we saw a flood of buyers try to purchase homes. This drove up activity and competition for purchasers. This led to multiple offers, bidding wars over asking price, contingencies waived – you name it.
🔹But now that mortgage rates are higher, the monthly payment for prospective buyers has increased and hurt their affordability, pushing many buyers to the sidelines while they wait for rates to drop. You see how this cycle could be repetitive…
🔹Rather than looking at general headlines and article and making your mind up right then and there, speaking with a local mortgage lender and Realtor about local market statistics and your specific situation will help in determining if it makes sense for YOU to buy right now or to wait.
🔹I am seeing first-hand that buyers who have talked with a lender, have made a plan, and/know their realistic budget for a property are seeing less competition than last year and earlier this year when submitting offers on homes. We are seeing a shift in leverage come back to the buyer in some instances. Keep in mind – this shift is coming from a historic sellers market, so you will still encounter competition, perhaps just not as much.
Is now the right time for you to buy? Shoot me a message if you’re on the fence so that we can create a plan! https://www.willhurdvt.com/