TIPS FOR BUYING YOUR HOME
IN TODAY'S MARKET
When looking to the new year, you may be looking for a change or life may bring about circumstances where change is necessary, whether that is a new home down the street or moving to a completely new state. If you are looking to purchase a home this new year, it is crucial to consider the current state of the market while you are conducting your search.
With interest rates nearly doubled since January, you may be hesitant to sell your current home and give up your low-rate mortgage for a higher, new mortgage. However, this rise in interest rates is in turn slowing down the growth of property values which can potentially benefit buyers. Keeping this in mind, here are our recommendations for buying a home in the current market.
3 Home Buying Tips:
- Do Not Wait For Home Values to Drop: Rising interest rates have caused a softening effect on home prices however there is a lack of properties available, making the market rather competitive. When looking to buy a home, it is a long-term investment, numbers will not drastically decrease in a day or week, which is why it is not worth waiting for the property values to drop. Fall is the best time to buy as most buyers from the year have already made their purchases or decided to renew their leases so there is less competition, and as well, most sellers are very motivated to get deals done before the holidays. It’s a better time for negotiations on the buyer’s side.
- Work With Trusted Professionals: By working with a trusted REALTOR® you will gain a better understanding of your local market. By working with a REALTOR® in your area you will gain an inside track on what the current market is truly like and what the best course of action for you is. If you are located in Massachusetts, New Hampshire, Florida, Connecticut, Maine, or Rhode Island and are in search of a trusted realtor, look no further! The team at Lamacchia realty would be thrilled to help you find your dream home and to discuss your area’s local market with you. Give us a call today to learn more!
- Stick To Your Budget: In this market with rising mortgage rates, the cost of borrowing is higher, so buyers should be strongly advised to make sure they aren’t biting off more than they can chew. There are many options to help buyers, including borrowing processes such as a 2-1 Buydown or a mortgage assumption. However, it is not the right time to overextend your finances, stick to your budget to ensure you can maintain and live comfortably in the home after you have purchased it. It’s always possible that rates will decrease and a refinance will help lower your monthly payment eventually.
Looking For Your Dream Home? Contact Lamacchia Realty Today!
Do you have any questions? Here at Lamacchia Realty, our expert team will be happy to answer any questions you may have regarding buying a home in today’s market. We understand that as a potential buyer you may feel overwhelmed, which is why our team at Lamacchia Realty can make the process easier for you. Contact us today to get started!