Yes, mortgage interest rates have risen and those unprecedented rates of 3% are in the rearview mirror. Folks who didn’t get a chance to buy a home during that time may feel frustrated that they “missed their chance.”
I’ve got good news. It’s time to start looking forward—not back—and appreciating the opportunities that the new marketplace might provide for buyers. Because not only are low-interest rates a thing of the past, but most of the out-of-control bidding wars and the pressure to release contingencies have slid into the past, too, providing buyers a “breather.”
Why is it a good time to be a buyer?
1. Because there is less competition for their homes, sellers are more flexible with buyers. FHA offers are gaining leverage and some sellers are even considering interest rate buy downs to make it easier for a buyer to purchase their homes.
2. Rents continue to rise at an astronomical rate—nearly 15% in some areas. It’s time to put your foot down to “paying your landlord’s mortgage,” and time to start paying your own!
3. Because Fannie Mae predicts interest rates to fall to 4.5% next year, buying a home now without unrelenting pressure and competition may be a great idea for buyers. “Own your home, rent your interest rate.”
4. Home prices continue to rise year over year and real estate remains an excellent venue for acquiring wealth,
What’s the Takeaway for Buyers?
With less need for split-second decision-making, many buyers are enjoying the process of searching for their dream home! A savvy lender can help you find the best mortgage program for your needs. Get your facts and move forward with confidence!
Want more info? Check out my buyer resources.