Now is not the best time for buyers to look at properties according to people who already have their own at rates they love. You want to buy and the fact that it is not in the best condition is not going to stop you. Yes, interest rates are up. However, there really are no perfect conditions and it’s important that you take advantage of any perks buyers will have in the market. Even in times of a market correction like we are seeing now, there are still amazing bargains shoppers can get.
Homeowners have just begun to see their property values go down with the increase of interest rates. While they are beginning to wonder how they are going to get their property sold, you now have a unique opportunity in front of you and one you may not have expected. The fact is that interest rates being up means you will have to pay more to borrow money. However, that doesn’t mean that the news is all bad, especially when you consider what you’re able to do when shopping for a new home.
Better Selection
Do you recall the original reason for prices to shoot up in the first place? Low inventory. That’s why so many people were willing to pay top dollar for properties they didn’t even love. They were concerned that with rates so low, they would not get a better chance to buy. While they got a good deal, what they did not do is get the house they really wanted at a low price.
You now have your choice of almost any property in the neighborhood as most buyers are not interested because of the inflated prices combined with the higher rates. Because you are serious about buying now and are willing to deal with those challenges, you have a large selection than nearly any buyer has had in almost two years and it’s mostly exclusive to you.
More Lenders Willing To Work With You
Another major benefit of the times that few people are mentioning is that with a lower number of mortgages, there will be fewer deals for lenders to make. While they are willing to see the numbers go down for some time, they are not going to completely stop making deals either. Instead, most will become very friendly with buyers and while they cannot do much on the price, they will work with you in any capacity they can because they really do want your business.
If you are interested in buying a house and the end of 2022 was the time you expected to buy, you should not let these circumstances keep you from even looking. There are good deals out there and while you may have to get a loan with a higher rate right now, you also may save tens of thousands of dollars on the property you want. At the same time, do not overlook the advantage of being in a market like the current one we have. You have the opportunity to pick and choose which home you want and perhaps get a steal on a property you never would have had a chance of getting just four months ago.
