Home Buying Tips for Current Market Conditions
Don’t let the forecast terminology make you think the real estate market is anything but a buyer’s market. Sure, the sellers can be happy, too, but it’s no secret that the real estate market reset of years past slashed interest rates like crazy. That was after devaluing homes, which didn’t exactly mean that the reset was good nor did it benefit most would be buyers immediately.
Nowadays, the scars have almost healed for people affected by that reset, but many are still struggling.
Let’s hope that the real estate market gets better and that those people are able to get past their struggles. For me, it was about four years ago that I got past mine. I had essentially lost my home with a sub prime rate, not due to the loan but due thinking I could try to finish up my degree with a year of certification featuring a semester of student teaching while affording my home. It all worked out in the end, but so many people have stories like that and much worse.
It’s great that interest rates look much better now, and it’s great that people can find good buys out there. Under current market conditions, you could say everything is peachy, but it should be noted that people have been forecasting rising interest rates for awhile. Whether or not that will completely manifest itself in any short-term hike that causes people to leap into mortgages is unknown, but that’s certainly unlikely to happen.
The .25 interest rate hike from the FED recently was significant, but it’s not like they made people miss the bus so to speak. The interest rates are still very appealing, but it should definitely make more people get serious about looking for a home. You never want to speed up to the point you make a hasty decision. Truthfully, that’s what I did with my first home, but I enjoyed it very much.
Now I live in a waterfront home I purchased through a local realtor listing houses for sale in Alliston, just north of Toronto Canada. I told you it has a happy ending.
There are great real estate deals to be had, and that is exactly what found me in the position that I’m in today, even after the big blemish. If you’re currently looking for your dream home or another type of property, you can find it if you know where to look.