Buyers market?

We are actually in a "Buyers" market right now. But potential home buyers are waiting to buy a home because they are keeping an eye on the interest rates. What they don't realize is that there are ways to get lower interest rates through our offer and negotiations! Depending on your loan option, we are allowed to request a certain amount of "credits" from the seller or builder. This means the seller pays to buy down your interest rate and/or cover some of your closing costs.

 

as an example: Some loans allow us to ask for a credit in the amount of 3% of the purchase price.

So on a $400k home, that is $12k that the buyer can use as needed (interest rate buy down or to cover closing costs).

The $12k comes off the purchase price for the seller, their net profit decreases by $12k. That $12k gets applied to your closing costs in escrow to be used as needed.

 

IF interest rates go down, housing prices will go UP. You will be in a much more competitive "Sellers" market where bidding wars will begin and sellers won't need to offer incentives. In the end, your overall loan amount will be higher the longer you wait.

 

Call me if you have any questions. I'm happy to introduce you to a lender to discuss your specific situation.

I'm here for you every step of the way.