To all whom you call family, I hope you have blessings in your life to reflect upon this Thanksgiving holiday. Sometimes (often), it is the little things that matter. Happy Thanksgiving to all.
Now for some real estate talk…
I have read a series of articles this week on “Why did more people decide to sell now?” History has shown that there is normally a lessening of listed homes for sale in September. But have you noticed more real estate signs suddenly? There are more homes listed for sale than the typical Fall market. Realtor.com says homes for sale in September increased 11.6% over this time last year.
What does this mean for buyers? Fewer people looking with more choices to consider could mean more negotiating on price, terms, concessions, and/or contingent sales on selling your home. Lenders are also getting more creative. You can potentially buy down your interest rate and/or refinance at a lower rate later. Some lenders have loans that allow you to finance concessions in the loan.
If the predictions that rates will come down to around 6% by year end are accurate, that would help sellers. There would be more competition for their homes, they would receive more offers and be less inclined to negotiate. Buyers will likely pay higher prices. The time to buy is when everyone else is not thinking about buying.
Your first step is knowing what you can afford. Talk with a reputable lender recommended by someone you know who experienced good results with them.
Preapproval involves sharing income, paystubs, tax returns and other credit information to determine what loan amount you can afford. Ask about new loan products that might fit your situation. If you need a credit boost, ask the lender if they know a reputable company that can boost your credit score. The higher the credit score, the better loan options you have to choose from. This is usually money well spent.
If you’ve been on the fence waiting to buy, now is your time, cease the day! Pick a Realtor skilled in negotiation and they will take you to the finish line.
