Six months ago rates were lower… but buyers oftentimes had to outbid someone to get that home they wanted! Today, you’ve got higher rates, but it’s much easier to have an offer at or even below list price accepted. Take a look at the difference in payment when comparing buying now to six months ago!
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In the previous year, it was a sellers market with limited inventory, multiple offers, contigency waivers (no appraisal, no inpsection) and most offers had to be over asking price just to get the offer accepted by the seller side.
This year has transitioned into more of a buyers market where you can maintain your contingecies (such as inspection and appraisal, etc) while potentially getting seller concessions for closing costs or an interest rate buy down strategy. Also, there is more inventory available with less competition in todays market compared to last year!
Below shows a comparison for a home listed at $349,900. Last year's rates were lower but you may have had to offer $56,000 over list price to compete!
For the exact same home this year, even with higher mortage rates, you may be able to offer less or create and offer with seller concessions for closing costs or an interest rate buy down strategy!
*You can see the monthly payment difference is only $11.00!
Buyers, What are you waiting for?
Ask me about the Hyrid Buy Down Offer Strategy to get a below market interest rate when buying a home!
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*Check out the First-Time Home Buyer Resource | Know Your Options-
https://www.homeloansbythomasooten.com/resource/45208/
*Check out the RATE BUYDOWN GUIDE- Your Guide to finding the right buydown stategy:
https://www.homeloansbythomasooten.com/presentation/50736