I can’t be the only one feeling the high interest rates. Do you feel it too? You will if you’re making a move in the next few months.
It wasn’t too long ago when buyers were breaking doors down to take advantage of the all-time low interest rates. Now rates are nearly double what they were 3 years ago.
It’s been shown that a one percent hike in interest rates can reduce your homebuying power by 10%. That means if you could afford a $300,000 house at a 5% interest rate, you could only afford a $270,000 house at 6% interest rate. That could mean the difference between the extra bedroom or the garage that you need.
Does that give you second thoughts on buying a house? If it does, you are not alone. There lies your advantage.
You see, the best interest rates are hiding in plain sight. When rates are high, buyers aren’t the only ones feeling that pain. Sellers are too…big time.
So much so, that the seller of a home can offer to help you buy down your interest rate so you can purchase their home. And it’s perfectly legal, moral and ethical. To make things even better, the seller could end up netting more money without you having to bring more money to closing or take on an unreasonable monthly payment.
And high interest rates provide the perfect time to strike, since other buyers are on the sidelines waiting for rates to come down. That means homes that weren’t accessible when rates were low are now ripe for the picking.
If you would like to get a free list of homes with lower interest rates and see if you qualify to purchase them, call John Post at 717-467-4806 or at his office during business hours at 717-344-5950.
It wasn’t too long ago when buyers were breaking doors down to take advantage of the all-time low interest rates. Now rates are nearly double what they were 3 years ago.
It’s been shown that a one percent hike in interest rates can reduce your homebuying power by 10%. That means if you could afford a $300,000 house at a 5% interest rate, you could only afford a $270,000 house at 6% interest rate. That could mean the difference between the extra bedroom or the garage that you need.
Does that give you second thoughts on buying a house? If it does, you are not alone. There lies your advantage.
You see, the best interest rates are hiding in plain sight. When rates are high, buyers aren’t the only ones feeling that pain. Sellers are too…big time.
So much so, that the seller of a home can offer to help you buy down your interest rate so you can purchase their home. And it’s perfectly legal, moral and ethical. To make things even better, the seller could end up netting more money without you having to bring more money to closing or take on an unreasonable monthly payment.
And high interest rates provide the perfect time to strike, since other buyers are on the sidelines waiting for rates to come down. That means homes that weren’t accessible when rates were low are now ripe for the picking.
If you would like to get a free list of homes with lower interest rates and see if you qualify to purchase them, call John Post at 717-467-4806 or at his office during business hours at 717-344-5950.
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