Home buyers are more competitive than ever before. Home sales soar in the months of May and June. But you can get the best deal if you are willing to stretch wider, leap in quicker than the others and not let small factors come in the way of your perfect agreement.
Take a look at the three mortgage trends to keep an eye on in the next three months:
- The market of Sellers-
The market is predominantly a seller’s market, so there are some effective market-friendly strategies for buyers to rise above the tactics of their rivals.
- Rates to be sky-high-
Mortgage rates are expected to go up this year, but it will not go as high as last year, so always keep a tab of the fluctuating prices.
- Heloc’s Return-
In case you are the owner of the house and are intending to borrow against your equity, it is advisable to go for a home equity line of credit (Heloc) rather than cash-out refinancing.
A bone of contention in the home selling market is that it is widely believed that it is a seller’s market.
Let us take a closer look at the ways to deal with the dominance of sellers:
- Widen the horizons of your search-
Buyers must have an open mind when they decide to buy a house. Their preference and geographic location have to have some wiggle room. They should be willing to living in places away from the central city. This gives them a wider array of choice. Also, depending on a single seller is not the best idea and having more than one seller will help to ensure cracking suitable deals. So, a smooth way to go about it is to keep the options open. A real estate agent can be a valuable asset to you in setting up your search criteria.
- Keep your radar on at all times-
Houses are on sale like hotcakes, and everyone is trying to take their pick as soon as possible. The only way to get the house of your choice is to be rigorously available in the market circle and be up-to-date about the current scenario and availability of properties. A real estate agent has established contacts with prospective sellers and agents and is in touch with them on a regular basis. They can help you learn about the best homes on the market but also guide you to obtaining a suitable deal with a fitting seller.
- Get rid of trivial deal-breakers-
House hunting has umpteen number of strings attached to it. It goes without saying that when two parties come together to finalize a deal, there are disagreements and differences in opinions. A major part of a real estate agents job is to work as a buffer between the buyer and seller and to negotiate a point of consensus to settle and seal the deal. But if we let minor issues like repairing the house, home inspection and the likes of it affect the overall buying and process, there are high chances of it jeopardizing the deal. So, the safest way is to disregard the insignificant aspects and concentrate on the transaction at hand. The seller and the buyer, both need to adhere to the same rules to have a successful deal by the end of it.
Another reason to keep yourself aggressively available in the market is to be aware of the oscillating rates of houses in the home selling market. Market trends keep changing regularly. Mortgages are going high, but the growth is not as high compared to previous years. So, it is necessary for buyers, as well as sellers, to gauge the trend to determine the correct price for the desired property.
Owning a home can come in handy when a person is seeking to take a loan. It is a useful step to borrow against the equity of the house you have bought rather than going for cash refinance to get lower interest. Home equity line credit might not always render low-interest rates, but it is a better and a safer option. The first reason behind this is because home values have rebounded ever since the “Great Recession” happened. The 30 percent price hike of the median house finally came to an end in the year 2017.