Many future homeowners that decided to buy a new residence are surprised by the rising mortgage rates in 2022. According to the National Association of Realtors, monthly mortgage payments have increased by 53.7% since the previous year, which is a significant change.
While this occurrence has made housing less affordable for buyers, there are still options to purchase the home you’ve always dreamed of. Read along as we share a few tips that will help you maneuver the market.
Tip #1: Widen the Search Area
Although you may have your heart set on a specific area, sometimes the real estate is simply out of your price range. In this case, you may want to expand your search a bit further.
Opening your mind to more affordable locations can give you opportunities and options you otherwise wouldn’t have had.
Tip #2: Find a Trustworthy Real Estate Agent
Real estate agents are invaluable assets in navigating the housing market. They have a well-developed network, are very resourceful, know the market, and can find properties you would never have known existed.
Since they deal with clients daily, agents are skilled and experienced enough to know what may be ideal properties. They can see the broader picture and will show you a property in a new light, highlighting its benefits in a way you probably hadn’t considered.
At the same time, real estate agents work based on what you tell them. An agent won’t present you with a choice unless it can fit into your goals and budget.
Tip #3: Look for Financial Options
When searching for loan options, you should consult with a finance expert. This way, you’ll know that the home loan you are about to take out is your best option.
Loan officers know the ins and outs of the system and can offer realistic and affordable solutions. After all, getting stuck with a loan you won’t be able to pay off is a grave mistake to avoid at all costs.
Blue Pacific Real Estate works hand in hand with mortgage brokers to strategize the best Offers for their clients. In our current market, Buyers actually have the upper hand and there are several Offer strategies that we can put to work to help offset the increase in interest rates.
Tip #4: Alternative Financial Sources
There are other available sources that you can explore to secure finances when purchasing a home. Contact a local real estate agent and find out what type of down payment assistance, grants, or gift funds the government or other local organizations offer.
You can ask about special programs for individuals with a unique status or in a specific job position. It’s not uncommon for veterans, teachers, and nurses to be offered special financial conditions because of their profession.
Tip #5: Be Selective and Don’t Settle
The seller’s market is smaller than the buyer’s, which brings prices up. Since the demand is higher, sellers tend to wait for the best deal, while buyers get desperate after searching for a certain amount of time. However, don’t let this discourage you and make you settle.
If you wouldn’t buy a house under different or better circumstances, it’s not the right one for you. Be patient, and don’t let stress and home-buying anxiety rush you into making a decision you might regret.
Choose Experienced Seattle Realtors
Blue Pacific Real Estate is the most reliable Seattle realtor with a strong work ethic and comprehensive market knowledge. During our years of dedicated work, we’ve developed a network of trusted partnerships, and you can rely on us to make finding a home an easy process.
Whether you’re in the market to buy or to sell, contact us so we can help you get the best price.