If you've been holding off on buying a house because of mortgage rates, it might be time to reconsider. Let's break down some of the old rules and what's new in the world of home shopping.
While they did reach alarming heights in 2023, they've been on a downward trend lately, sitting comfortably in the mid-6% range.
Sure, they're not as low as we'd like them to be, but they're certainly more manageable than before.
So, if you've been eyeing that dream home, now might be the time to pounce.
Competition in the housing market is heating up, with homes selling faster than ever before. In some areas, properties are flying off the market in just over a month.
So if you see something you like, don't wait around. Make your move before someone else does.
Now, let's talk about seller concessions.
With more homes hitting the market, sellers are more willing to negotiate. So don't be afraid to ask for closing costs or other concessions. You might be surprised at what you can get.
Gone are the days of submitting your best and final offer on the spot. Instead, consider making a 'soft offer' to test the waters. It's a low-risk way to see if the seller is willing to negotiate before committing to anything. Finally, let's talk about flipping houses.
In the past, it was a surefire way to make a quick buck. But with today's market, it's more about long-term investments.
So, if you're in it for the long haul, focus on finding a home you can see yourself in for the next five years or more.
So there you have it, the old rules of home shopping are out the window.
And if you need some guidance along the way, don't hesitate to reach out to us, your local mortgage professional. We'll help you navigate the ever-changing landscape of the housing market.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 279168
11040 W. Blue Mound Road (211)
Milwaukee, Wisconsin 53226
Phone: (414) 431-3111
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