08/21/2023
As my friend prepared to interview real estate agents to help her buy in Washington, she asked me, “What do I look for in an agent?” 🏡
Anyone who says “now is a great time to buy,” isn’t quite giving you the full picture. 🧐 There are always going to be pros and cons contingent on where the market stands at any given moment. A good realtor gives you options. They empower you to make a decision that makes sense for you because at the end of the day, they’re invested in building life-long relationships with the clients they serve. If you decide to wait, they’ll still be there as a resource for you along the way.
Higher rates give buyers less buying power. Their monthly payment may be more than anticipated but they’re locking down properties while keeping more cash in their pockets. Some people are waiting for rates to drop along with many other buyers. More buyers in the pool means bidding wars ahead and less leverage during an inspection negotiation, but a friendlier monthly payment. ⚖️
“A 7% interest rate on a $700,000 home is no joke. It’s nothing like 15% rate your mom had on her $120,000 loan in 1980. If you choose to pursue a home purchase now, there may be an opportunity to ask for a seller concession to by down your rate. You’ll have more leverage in this transaction than any buyer has had in the last three years, keeping more cash in your pocket. If you choose to pursue this once rates fall, you may have to compete with multiple offers and sellers may be less willing to accommodate your requests with other buyers waiting in line. I know that a lower rate means you may be more comfortable sticking with that payment long-term. That being said, there are ways we can construct your offer to look appealing to a seller that don’t actually involve spending money. If you want to wait, I’ll keep you informed! What do you want to do?”
If you want to chat about the market, current interest rates, or what your options are, my inbox will always be open to you! 💌
