Five Reasons Buyers Shouldn’t be Spooked by Interest Rates
It may be Halloween 🎃, but that doesn’t mean homebuyers should be be spooked! 👻 Leave all the spookiness to haunted houses and creepy costumes, not buying a house.
Here are five reasons buyers shouldn’t be spooked from buying, even with the current interest rates:
More inventory.
There are more houses to choose from than before.
Less buyer competition.
Yet there is less competition for those houses.
More seller concessions.
With more inventory and less competition, we are seeing more seller concessions in contracts. That means as a buyer you have some negotiating power again! That is certainly NOT spooky.
Prices stabilizing.
We aren’t seeing crazy over-asking price contracts in this current real estate market. It’s normalizing with values holding, and that’s a good thing!
Refinancing in the future.
You always have the option to refinance in the future if rates come down. So for buying right now, you just need to know your budget and the numbers you are comfortable with - and shop within that, regardless of interest rate. Because waiting to buy when interest rates come down, just means the buyer competition will go up and the cycle starts again. 💀
For more tips for how you can buy in this market, contact us and we’ll be glad to put together a plan just for you.