Don't Wait Until "Interest Rates Fall" - BUY NOW
We saw what happened in 2021 and 2022 when interest rates reached a historic low. Sure many were able to save thousands of dollars due to those lower rates, but many of those buyers also paid well over asking price on their new home, property or investment.
Homes weren't available for long. Many listings went under contract within hours of hitting the market, and most listings were receiving multiple offers immediately. This lead to many buyers not being able to buy simply because they could not compete in the bidding wars...especially first time home buyers.
Since the buyer demand was so high, it was very difficult to have any kind of stable inventory on the market (and we're still working to improve those numbers). This led to home prices drastically increasing, and in some areas, that increase was to a record level. We are still seeing those same elevated prices today despite interest rates twice as high as they were back in 2021 and 2022.
Here's where it gets interesting...
What will happen if (or when) interest rates drop? Are you ready for that craziness again? Sellers, this will be your time to shine! BUT BUYERS...are you prepared? We will likely see a return to those same bidding wars that took place in 2021 and 2022, except this time those bids will be even higher because we will also be starting at a higher market value.
During those months, it was also very difficult for buyers to get any closing cost assistance or any kind of seller concessions at all for that matter. It was even difficult to get a home warranty. There are many buyers out there who rely on seller concessions in order to help with the high expenses of buying a home. Don't wait. Don't put yourself in those shoes.
If the home you are looking for pops up on the market, DON'T WAIT! We all know the saying by now, "Marry the Home, Date the Rate". This is 100% true. Interest rates are constantly changing so buy the home you want today, and if/when interest rates fall to a Aumber that's more pleasing to you, refinance your home at the lower rate while not having to worry about dealing with stressful, multiple offer situations or not having the funds available to close. Do not lose the home you love simply because of an interest rate that's back to normal.
Are you ready? Get Pre-Approved
If you're ready to take the first step toward home ownership, whether you are a first time home buyer or a repeat, experienced buyer, that first step is always the same....Pre-Approval.
Simply fill out my Home Buyer Request form and I'll be happy to reach out and start the journey with you. I always have highly experienced lenders on standby ready and willing to help you find the best program for you and your family.
And if you are brand new to the real estate game and do not know where to start, I have some great links up at the top under "Buyer/Seller Tips" and of course, feel free to search all listed homes across southeast Louisiana right here, directly from our local MLS.
-Scott Guidry, REALTOR
BHHS Preferred, Realtors
#yourstraightroadhome