Dreams of buying that first homes have been dashed by rising interest rates and inflation. Is there any relief?
Today's interest rates are like an inverted roller-coaster. You may be sick to your stomach just hanging in limbo trying to decide what is next. Here are four things to consider in planning any future moves.
1. Interest rates will come down. During the waiting period reassess your finances to be ready to move when rates are lower. Calculate at what interest rate you can safely enter a purchase contract for that new home.
2. Keep the lines of communication open with your lender of preference. Communicating with your lender lets him/her know that your interest in purchasing a new home is real and that you are serious moving forward.
3. Don't lose sight of your realtor. Often buyers will drop off the face of the earth when the situation becomes too frustrating. Avoid the urge and stayed connected with your chosen realtor. As the market adjusts and sellers see the need to lower home prices, your realtor can alter you to any new opportunities.
4. Closing happen every day. In the moment that may not be of comfort, however, the fact that buyers and sellers are still making deals should be a form of encouragement that your closing could be any day now.
Remember: Like many things in life, the housing market has its ebbs and flows. While today may not be your day for buying, there will be that day for you soon.
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