Today's market poses many challenges for both buyers and sellers. It is a confusing market with rates higher than we have seen in a while. This type of environment can cause one to freeze and not take any action. But there are others, that see the silver lining and an opportunity to take advantage when others do not.
If you are a buyer and actively looking, you are in a good position to lock in a low purchase price. According to Forbes, mortgage rates are expected to remain above 7% for the remainder of 2023. Now is the time to secure your dream home at a good price before the spring market rolls around and there is more competition for homes and the possibility of prices rising.
With fewer buyers in the market, serious sellers are more apt to negotiate on price and terms. Plus there is a chance that sellers will offer incentives to buyers, such as a credit at closing that could be used for renovations or even a rate buy-down.
Life is about cycles and that holds true for mortgage rates. Eventually, the 7% rate will come down. That is the time for you to refinance at a lower rate. As you know real estate appreciates over time. Buying in a market downturn positions the buyer to benefit from future property value increases, often at higher rates of return.
Lastly, buying a home is not just a financial decision but also an emotional decision. Owning a home offers payment stability, control over your living space, the opportunity to add your own style and design, as well as the flexibility to work within one's changing needs such as remote work, a growing family, and more space for your pets.
So what do you do if you are in the market for a home? Be sure to connect with a trusted real estate advisor. Real Estate Agents are there to help you navigate the buying and selling process from the very first step all the way through to the end and beyond. This includes the time spent from the initial meeting about your needs and wants, a search based on your criteria, viewings of properties, insight and data-driven knowledge, managing expectations, negotiating for the best price, and being there for their clients every step of the way.
The J Brigham Team is here to help you with all your real estate questions. We pride ourselves in Going the Extra Mile, offering 20+ years of real estate expertise and total dedication to providing custom boutique service with integrity. Please reach out today! #jbrighamteam #nycrealestateagents #nycrealestate #flatiron #gramercy #uppereastside #luxuryhomes #luxurylifestyle