With the market seeming to cool down and the interest rates climbing higher we are often asked, Should we wait to buy?”
The quick answer is NO. The longer answer is still NO. Prices are not falling despite the market slowing. By deciding to purchase now you can take advantage of fewer buyers in the market and should the interest rates drop you can refinance down the road to take advantage of the rate drop.
What does it mean if there are fewer buyers? That means that there is less competition for the property and you can negotiate the price, seller concessions, terms, etc. Sellers are often more agreeable to offer a rate “buy down”, negotiate on the sale price, offer home warranty, agree to a longer closing date, lower earnest money, almost any negotiable point in the contract…
Sellers also know that the buyers that are out looking are more serious about buying, not just out there kicking tires. They want to sell and know you want to buy!
Take a look at our buyer’s guide and give us a call so we can help lead you through the buying process.