The housing market has been a rollercoaster for years. First, low rates fueled bidding wars and record highs. Now, rising rates and low inventory might make you feel powerless as a homebuyer.
But wait! Things are not as bleak as they seem. The good news is that you have more control than you think. Keep reading to learn five things you can control as a buyer in the current market.
Budgeting is Your Superpower
Can’t control rates? You can control your budget! Use a mortgage calculator to see how different rates impact your monthly payment. This empowers you to adjust your price range and find a home that fits your finances.
Negotiate Like a Pro
Remember those home price reductions? They’re up 15.5% year over year! Look for reduced homes or make offers below asking price. Higher rates give you leverage to negotiate. Ask for concessions like closing cost help or an interest rate buydown. This can help to offset the cost.
New Construction: Your Secret Weapon
Don’t overlook new homes! Builders are motivated to sell and often offer incentives. You might snag a better deal on a brand-new home with warranties compared to a resale needing updates. Plus, negotiating with a builder can be easier than with individual sellers.
The Power of Patience
This one’s a biggie. You control the decision to buy. Feeling sticker shock from high rates? Renting for a while can be a smart move. But remember, rates will eventually drop. Buying now gives you access to a less competitive market with more choices.
Choose Your Champion
Your real estate agent is your partner. Don’t be afraid to speak up and guide your search. Interview agents and find one who listens to your needs and respects your criteria. Remember, you can walk away if they’re not a good fit!
Ready to take control? Contact your local Surterre real estate specialists today! They’ll help you navigate the market and unlock your homeownership dreams. We also have more buyer empowerment tips for you! Head to our website to check out “From Search to Success: An Overview of the Home Buying Journey.”
