Is It Time to Jump Back in the Buyer's Market?
Haley Bullard
Is right now the time to buy a house...?
YES! This is especially true for those needing to use VA or FHA loan products. The last 2 years it's been nearly impossible to purchase a home using those products and many ended up discouraged and disheartened after having offer after offer dismissed. Buyers were bringing all cash offers or using conventional loan products to wave contingencies and appraisals and ultimately pay way over asking price. It made it nearly impossible to play in that space.
What has changed?
Well, listings are sitting on the market a little longer these days so sellers are more motivated. They are starting to take off the asking price and paying towards closing costs. Plus, there are some great loan products out there incentivizing buyers.
Why not wait?
Great question. We know! No one wants to pay 6.5-7% interest rates. Interest rates are higher than what we've grown accustomed to the last several years, that's true. However, it can actually work in your advantage. If you wait until it drops, then you will be up against a much larger pool of people. Many people will jump at that time which will make it a more competitive market and more difficult to find your perfect home.
In conclusion...
Right now could be your perfect moment to find that dream home! Less competition, motivated sellers, great loan products, and remember- you "marry the home and date the rate!" Buy now and refinance at a lower rate when you can. Don't miss your opportunity.
If you are ready to jump back in to the buyer's market, let's chat!