Are you still considering buying the home of your dreams, but are feeling a bit uncertain about the rising mortgage rates and affordability? I want to share with you three important tips you can do as a buyer in today’s housing market so you do not have to hit pause on your plans.
If you have been concentrating on a specific area that now seems out of your price range, as a buyer you may need to expand your search area and criteria that could be more affordable. Opening up your home search to a location further out may open up more options as a buyer.
Also, prioritizing your “wish list” to not include all the upgrades you had originally planned can help reduce the cost of your purchase. These can be items you can do yourself down the road. According to a recent article in CNET, “Area growth is likely to keep pace with the market, which means that the outskirts of town might be hopping within five years. By searching in the nearby cities, you may find better prices and more sq footage.”
Work with a good lender and experienced real estate agent who can discuss different loan types, scenarios and alternative financing programs available to you to get the best possible rate, which could save you thousands of dollars over time.
In today’s market, it is key to shop for programs that point you in the right direction for your home purchase. When shopping, look for certain options like gift funds, down payment assistance and grants. Today, there are a wide variety of programs and benefits available for certain professions which include first responders, veterans, teachers and medical professionals.
And as always, feel free to connect with my team and I so we can help guide you in your search and steer you in a more affordable direction.