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3 Things you can Expect If you are Buying a Home in Todays Market

AVERAGE INTEREST RATES

It’s no secret that mortgage interest rates have been on the rise in recent months, with the average rate now hovering around 6-7%. This has been shifting up and down, and many predict they will drop over the next year. While these higher rates may seem daunting, it’s important to remember that there are still plenty of ways for homebuyers to get a good deal on their mortgage. Shop around for the best rates from multiple lenders, consider refinancing your loan to a lower rate, and investigate government programs that may reduce your interest rate. Additionally, you can make a larger down payment on your home to lower your loan amount, and thus the interest rate you’ll pay. Working with an experienced mortgage lender will make all the difference.  Truen Group works with one of the best in the state.  Need a referral? We’d love to pass on his contact information.


LOW INVENTORY:

There is a limited number of homes available in today’s market, so you may need to act quickly if you find a home you like. The current housing market is experiencing a shortage of inventory, which is causing home prices to continue to rise, although at a slower pace than the last couple of years. This is due to a combination of factors, including high demand and low supply. While the buyer pool is smaller, the inventory is still low so when shopping for a home today, you may still face competition from other buyers, so make sure you’re prepared to make a competitive offer.  


NEGOTIATIONS:

Despite the low inventory, the smaller buyer pool has pushed sellers to be more open to negotiating. With a good Realtor guiding you, you may be able to negotiate some of the terms.  Inspections, Seller’s contributions towards your closing costs, appraisal gaps have all made a resurgence lately. There are a few key points to remember when attempting to negotiate a better deal. First, it’s important to do your research and be prepared. Knowing the local housing market, understanding recent sales trends, and housing availability in the area will give you a better understanding of what a fair deal is. And this is why it is so important to work with a full-time Realtor. They will do this work for you. Let’s keep in mind it’s important to be willing to compromise. Having a set idea of what you want in a house and the price you are willing to pay can be helpful, but be open to making concessions in order to reach a mutually beneficial deal. With a little bit of preparation and willingness to compromise, negotiating in today’s housing market is possible.


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