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As a buyer, what kind of strategy should you use to find the right home at the right price in our shifting market? There are a few keys to keep in mind.
First, have a number in mind of what you want to spend on a monthly basis for your mortgage. Lending is opening up, and there are mortgage options available that will allow you to have the terms of your payment bought down. Although home prices have come down recently, they’re not going to drop, and since interest rates are rising, you’re better off buying now than waiting, say, six months. Even if you do wait and find a lower-priced property, you’ll still end up paying more for it because you’ll have a higher mortgage payment.
Next, make sure you know what you want in your future home. In this regard, it helps to sit down and write out a list of things you want versus things you need.
Also, be sure to minimize the number of contingencies in your offer. The more you can minimize your contingencies, the more attractive your offer will be. The contingencies in your offer help to protect you, but they don’t offer the seller any protection, and they can prevent you from closing in a timely manner. In addition to minimizing your contingencies, you can also make your offer more attractive by doing things like getting pre-approved and putting down a high down payment.
Lastly, be ready to walk if the deal just doesn’t work. If the price is just too high or the location doesn’t work, don’t get emotional about it—know what you need and know when you should walk away.
If you’d like to start your home buying journey and you want to talk more about developing a strategy that will find you the right home at the right price, don’t hesitate to give me a call. I’d love to help you get started.
If you have any other real estate needs, feel free to reach out to me as well. I look forward to speaking with you.