Don’t Wait for a Perfect Housing Market—Build the Right Buying Strategy
The perfect combination of low rates, low prices and no competition rarely arrives at the same time.
Today’s market presents a tradeoff.
Mortgage rates are elevated, but buyers in many areas have more choices and negotiating leverage. If rates decline later, affordability could improve—but demand and competition may also increase.
If rates remain elevated, inventory could continue growing and motivated sellers may become more flexible.
Neither outcome is guaranteed.
That is why successful buyers focus on what they can control.
Five things you can control 1. Your purchase budget
Your maximum approval and your comfortable budget are not always the same.
Choose a payment that allows room for savings, maintenance, utilities and the rest of your lifestyle.
2. Your financing structure
The lowest advertised rate is not automatically the best financial option. Compare the interest rate, annual percentage rate, lender fees, discount points, mortgage insurance and expected time in the home.
3. Your negotiation strategy
A lower price is valuable, but closing-cost assistance or a seller-funded buydown may provide a greater immediate benefit for some buyers.
4. Your property selection
Homes with longer market times, recent price reductions or cosmetic issues may offer additional negotiating opportunities.
5. Your long-term plan
Consider how the property supports your family, commute, career, investment objectives and expected length of ownership.
This article is for informational purposes and is not an offer to lend or a commitment to make a loan. All loans subject to underwriting approval, program guidelines, and appraisal. Equal Housing Opportunity.