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Are you worried about giving up a low rate that you may have on your current home only to get a much higher rate on a new home? Don't be. As you have just learned, home prices are going to continue to move up albeit slower than previously. Keep this saying in mind... "Date the Rate and Marry the House". What this means is that if you found a home you love... BUY IT NOW. Interest rates fluctuate and you can always refinance when rates drop. You can also utilize other types of creative interest rate products such as 2-1 buydowns or adjustable rate mortgages to get lower rates now while waiting for the rates to drop later and refinance at that time. You may also have heard that as long as inflation stays high, the federal reserve plans on continuing to increase rates. Waiting for prices to fall means paying a higher interest rate which will probably not save you much on a mortgage payment. There are many negotiation strategies that a good agent can use in this changing market to help you not only get a lower home price but also save you money on an interest rate too! (p.s. One such strategy is getting the seller to pay YOU to get a lower interest rate! - ask me how!) Having a good agent representing you on your home purchase will help you take advantage of all these unique negotiation strategies versus newer and less experienced agents.
Questions? Give me a call! (847) 922-8423
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