Important reasons to start looking again

We’ve finally entered a more balanced market where you can buy a home, negotiate price, and protect yourself with inspections and appraisals.

Sellers are motivated right now. Honestly, some are even a bit discouraged because their property has been on the market for longer than they expected. You might actually be in a position to negotiate something off the asking price, which hasn’t happened in almost 2.5 years.

The increase in interest rates may be offset by the decrease in prices you are seeing in the market. I can show you how you might be in a better position.

While interest rates are up today vs 4 months ago, they’ve actually gone down over the past few weeks. Getting a mortgage may be easier right now versus later if a recession hits and banks tighten lending standards even further.

When it comes time to get a mortgage, remember you have lots of options. You don’t have to get a mortgage today, you can get a temporary mortgage in the form of an ARM and then if the recession happens, the FED will likely lower rates and at that time you can get your permanent mortgage.

I can appreciate the thought of continuing to wait right now, but I want to remind you that there will be many other buyers who are thinking the same way. When it comes time for you to start your search again, they’ll be doing the same and you’ll face increased competition. Focus on quality: when there are few options, buying quality is even tougher.