Rates may be increasing, but there are ways to alleviate their impact.
How do you navigate the market now that rates are increasing? To win a great deal despite the continuing rate hikes, here are three things that you can do:
1. Marry the house and date the rate. In today’s market, you can buy the house without paying above asking price, which was very unlike what was happening a year or two ago. You can always refinance when rates come back down. We also have more inventory, meaning buyers have more choices and are less likely to get into a bidding war.
2. Be prepared to offer some concessions. A lot of times, a buyer needs some help with their closing costs or buying down the rate. They can check into the different programs that have come out to help alleviate the issue of increasing interest rates. For buyers, make sure to work with a great lender who has those programs available so they can help you buy down the rate and get you into a loan that will work for you and your family.
3. Consider other types of financing options. There are creative financing options, such as assumable loans and seller finance options, that are legal for markets like this.
For more details about this topic or if you’re looking to buy or sell your home, reach out to us by giving us a call or sending an email. We’d love to be your real estate consultant.