My favorite quote yet is, “One group that’s leading the charge with new loan applications it first-time home buyers”. Ahhhhh, I’m so dang excited to read those words! Yes, FTHB, now is your time.
And yes, I’m SO over talking about interest rates, and I’m sure all of you are tired of hearing about that. All that I will say is the likelihood that they will ever be in the 3% range again will likely never happen. While they have been all over the place, it’s one of those things that you either buy now or not.
Waiting for rates to drop.
Waiting for home prices to drop.
Timing the market is impossible.
What is possible is making sure the payments make sense. And if they do, first-time homebuyers, NOW IS YOUR TIME.
We are seeing more inventory coming to the market, thank goodness. And we are witnessing concessions all day, errrrr day. It’s a normal part of our contracts. What can you do with concessions?! A whole lot! You can do a 2/1 buydown and temporarily reduce your interest rates. You can offset your closing costs. The options are there!
“Be greedy when others are fearful and fearful when others are greedy.” – Warren Buffett
While we are long gone from the greedy days, now we are seeing balance on both ends of the spectrum. I’m here for it! And Mr. Warren Buffett sure gets it.
Now, if you are a seller, you’ve got to get it right. And when I say right, I mean your home has to shine. All those projects you’ve been waiting to do now is the time. While buyers have options, they can be thoughtful in their offer writing. Aka, buyers are picky af right now. So complete those lingering projects, do pre-inspections, and do all you can to prepare your home market. It will pay off!