Homebuyer considerations for a Changing Real Estate Market Trend

Some homebuyers are pausing right now, pondering whether this is the right time to buy a home as interest rates spiral upwards and the threat of a recession looms. Maybe better home prices are in the future? Here are some thoughts on this subject…

1. Homebuyer's circumstances are different and specific to them. It's critical for professional agents to spend the time carefully evaluating ALL the parameters of these specifics clearly and accurately before being in a position to structure a curated strategy forward.

2. Stop reading headlines and averages from those spewing 'reports' about non-specific data. The data and insights that are hyper-localized are the only ones that matter. Some properties may be over-valued. Some may be fair value and others may even be UNDER-valued. Specifics matter more now than ever. Averages are meaningless and unintelligent.

3. Evaluate all financing options. Not all mortgages - or borrowers - are created equal! Average fixed 30-year mortgages are not for everyone. Rates can vary considerably by location, property type, buyer profile, etc. And rates will probably rise further.

4. If a recession is indeed coming, usually the FED lowers rates to stimulate growth. With sharply higher rates now, at least the FED has the gunpowder to do so. A year ago, they had virtually none. Refinancing at lower rates in the future is always a possibility.

Click here to READ MORE