01/11/2023
Mortgage rates are an important factor in the affordability of homes, but they aren’t the only factor.
Rates have inched up since ‘22, so we’re seeing the market favor buyers more. That might seem counterintuitive since buyers are having to deal with higher-than-ideal rates compared to the last few years. But the reality is that as homes are sitting on the market for longer, sellers are becoming more inclined to offer concessions (money) to help buyers with rate buy-downs or to assist with closing costs so that they can be more competitive in selling their homes.
This is good for buyers! So if you’ve been on the fence about buying, now may be a good opportunity.
Let me know if this made sense and if you want to know more! I’m super nerdy 🤓when it comes to finance and real estate and I tend to favor jargon-y language by accident, so let me know if you’d like to see more content where I break down the basics.
Here’s to your endeavors in 2023! 🥂
