Three important things today’s homebuyers need to be aware of.
Are you thinking about buying a home in today’s crazy market? If so, there are three things you need to know:
1. Rates might fall, but don’t wait. Rates are around 6.5%, but experts predict they will fall to the 5% range soon. However, if this is making you want to wait, I would encourage you to reconsider. This is because most other buyers will be doing the same thing. Therefore, if you wait until rates go down, competition will be fierce.
2. Home prices are still rising. This is another reason why you shouldn’t wait to buy because then homes will just be more expensive. Plus, when buyers flock to the market, multiple offers will also drive up prices. If you buy now, you can get a lower price.
3. Your strategy matters. A lot of buyers are moving slowly, waiting until they find the right home to talk to a lender and get preapproved. However, that doesn’t work. Homes are selling quickly, so only the most motivated and prepared buyers are winning. Therefore, start talking to a lender and attack the market like a professional.
These tips will help you as you go to buy a home. If you have any questions or want our help buying, please don’t hesitate to reach out! You can call or email us anytime, and we would be happy to help you buy your dream home.