Interest rates are on everyone’s mind. I have just over $3M in upcoming listings, but not nearly the equivalent in active buyers. In fact, my area has almost 10 months of inventory right now. (Anything more than 6 is considered a buyers market)
This is an excellent time to be a buyer, because we have a greater chance of negotiating on terms such as price, closing cost contributions, major inspection items, and furnishing. Plus, there’s VERY little competition.
Don’t let the rates discourage you. Don’t wait for the rate to get back where it was. If everyone waits, and it drops with any significance, that is going to cause an immediate buying frenzy from those who have been waiting. Additionally, once again, homes will be scooped up by cash buyers and buyers will have so much competition.
Also, don’t let REAL ESTATE agents who are not also licensed to discuss mortgage products incorrectly advise you that “rates are going to drop when the fed cuts rates”. In fact, they rose with the last cut (those inexperienced agents are just regurgitating false information).
Rates vs. Time can equal wealth with the right knowledge.
IF your goal is to buy a home. IF you can afford this home & the payments at the current rate. IF you have the means to buy now, I recommend doing so. That’s not just through me, that’s across the country (and I can connect you with an EXPERIENCED, full-time agent who has recommendations from clients and peers).
Buy what you can afford TODAY. When/IF rates dip at all, I can help you refinance. Then you will have locked in your house at today’s price, your taxes at todays price, and you will begin realizing equity.
This is coming from someone who has talked more people out of buying/selling decisions over the past 15 years than the average agent even closes in a year (without exaggeration). If it’s not the right time, I advise accordingly.
Right now? It’s the time to buy. For almost 5 years, we have been waiting for this shift. Don’t let it pass you by IF homeownership is your goal or you wish to upgrade/downsize.
Licensed as a salesperson in 2010 and Broker Associate in 2012. In 2016, she achieved her long-term goal of earning the esteemed title of Broker/Owner opening Almost Home Real Estate Services. She is licensed in FL and RI. Michelle became licensed as a salesperson in 2010 and as Broker Associate in 2012. In 2016, she achieved her long-term goal, earning the esteemed title of Broker/Owner and opening Almost Home Real Estate Services in the original location of Rhode Island, where she and her husband Chris were born and raised. She practiced in RI, CT, and MA before moving to Cape Coral, FL in 2018. Before her success in real estate, Michelle spent more than a decade in the banking and retail management industries, while simultaneously fulfilling the role of Executive Assistant to the CEO and President of a large, successful company. She also excelled in the role of house manager for a retired military officer with a beautiful, luxury home and a very busy family. Her responsibilities in managing sales, clients, and personnel prepared her for great success as a top real estate Broker. Michelle is an industry leader with a proven track record of sales and exceptional client service and has closed no less than $10M annually in personal sales since 2014. Throughout the years, Michelle has established a network of professionals across the country who have similar backgrounds and statistics. If she is not located in an area to be able to help you directly, she can connect you with agents she has personally vetted to provide you with an experienced and full-time agent who is highly recommended by clients AND peers. Not all licensees have the same standards, experience, ethics, or knowledge. It is so incredibly important to make sure that you are well-represented when it comes to such a significant part of your future. In addition to being a licensed loan originator and loan partner, Michelle continues to enroll in courses that go way beyond what is required, earning several designations and certifications throughout the years. Her vast understanding of and involvement in both the real estate and lending industries are paramount to the guidance she can offer her clients. She is also very much involved in her local community, as noted in her affiliations and memberships.
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