Buying

Alright, so I’m sure you know what some of my concluding thoughts are for this month’s update. If you’re a buyer planning to make a move this spring or summer, it is time to get educated and prepared to ensure you have the most successful experience possible. Competition is tight out there—especially for first-timers.

As I touched on a bit last month, the Fed keeps discussing rate cuts, but currently, it doesn’t seem likely that anything is going to happen as inflation continues to grow at a pace faster than they would like to see. My personal opinion is to buckle up and get used to rates around 6% and make a plan for something you can afford at that interest rate. If/when rates do come down, great! Most lenders are offering refinances with waived or reduced fees.

Waiting for these rate drops poses a couple of different problems. Firstly, prices keep rising, practically on a monthly basis and certainly on an annual scale. If you keep putting off purchasing, by the time rates come down, the amount you save in interest will likely be offset by the increased purchase price. Secondly, when rates do drop lower, competition will inevitably increase. I’m actually relieved that the rates haven’t dropped too much yet. Currently, it’s a bit disappointing because rates are at their highest in months, but a gradual decline is necessary to avoid an influx of activity like we saw before.

Sellers, this is a great time for you if you’re willing to be strategic. Proper pricing and a well-maintained home often lead to a quick sale at or above the asking price. Depending on the type of move you’re planning to make, now could be a great time.

Again, this is all general information, and each and every situation is completely unique. I am always here to have a discussion about your real estate goals, set up a time with me to talk here. Or, if you’d like an instant home valuation, you can grab one here. Thanks for reading, I’ll catch you next month!