If your goal is to purchase a home this year, you might be looking for any advantage you can get in today’s sellers’ market. While competition is still fierce for homebuyers, there are ways you can win and secure the home of your dreams, even in a hot market.
Act Early and Save:
The earlier you act this year, the more affordable your purchase will be. This is because experts project mortgage rates will rise as we move deeper into 2022. According to Freddie Mac, the average 30-year fixed-rate mortgage is expected to be 3.5% by year’s end. Experts forecast home prices will rise as well.
That means the longer you wait, the more it will cost you to buy a home. Instead, act early and purchase your home before rates and prices rise further. Not to mention, the sooner you buy, the sooner you can experience the benefits of continued home price appreciation yourself. Once you have your home, you’ll be able to watch its value rise, giving you confidence that your investment is a sound one.
Buy Now, Move Later:
Keep in mind, with high buyer demand, like we’re seeing today, you’ll be competing against other potential homebuyers, which means you need to find a way to stand out. One way to accomplish this is to negotiate with sellers, presenting them with terms that meet their ideal needs. For example, having a flexible timeline for those sellers who are also searching for a house. By offering a couple extra months on the closing date, you could stand out from the rest.
If you’re eager to purchase a home now before it becomes more costly and you don’t have to move right away, you could extend the date of your closing and provide the seller with the time they need to find their next home. It’s a deal that could benefit both parties. Experts project home prices and rates will increase in 2022. That means buyers who are ready should act soon and find ways to strengthen their offer to meet sellers’ needs.
It’s important to work with a real estate professional for expert advice on how to make your best offer. Your trusted real estate partners here at Corken + Company know what’s working in your market and what may appeal to sellers. Contact our team today!
Learn more about how homebuyers can win in today’s market at: