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An expert helps explain the current market.
What can homebuyers expect this year? The good news is interest rates have improved, so if you’ve been on the sideline, now may be a good time to begin your homebuying journey. Everyone is keeping an eye on market conditions and the Fed, anticipating additional rate decreases throughout 2024. However, we need to remember, not all homeowners bought at the historically low interest rates a few years ago. Many of them refinanced as those rates decreased. Refinancing into future low rates is much easier than trying to outbid other buyers to get a new home.
IT’S EASY TO GET OVERWHELMED by the housing market. We asked Tammy Klemmer, vice president – senior mortgage loan officer at Johnson Financial Group, to share her advice for potential buyers.
What steps should someone take if they want to buy? Build a relationship with an experienced loan
Homebuying in 2024
officer and Realtor. Work with professionals who engage in a conversation and listen to your life plans and goals. Get a fully underwritten pre-approval. Often, having this pre-approval from a local lender is an advantage with the listing Realtor and seller as they are familiar with the quality of the lender. That can make you more appealing than other buyers. What financing options are available? There’s an array. Programs may provide homebuyers with flexible down payments, terms and rates. Today’s buyers can even find options tailored for their specific professions. This is why it’s important to talk to a knowledgeable loan officer who is committed to understanding your goals and providing the best financing option to help you meet them. ◆
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