Inflation and rising mortgage rates are starting to cool down the seller’s market we’ve seen in the past few years. But there are still ways to ensure you get the best deal possible for your home, whether you’re the buyer or seller. Here’s what you need to know.
How to deal with the shifting real estate market as a seller
First, consider the impact selling your home could have on the rest of your finances. If you’re building your credit score up, consider how selling a house will affect your credit, as it could go either way. Paying off a mortgage could be a good thing for your credit, but losing your home via short sale or foreclosure could do lasting damage, so you must consider whether or not you can ensure the deal positively affects your financial health.
Next, consider your options. If you’re feeling motivated to sell and the market is heating up, be prepared to put your house on the market sooner than you might have. But if you’re ready to wait it out and are comfortable with current market conditions, keep in mind that there’s no guarantee that your house will sell at a premium.
Real estate agents can give you an idea of what houses in your neighborhood are selling for. Still, it’s important to remember that prices vary greatly depending on location and condition. If you’re feeling confident about your price point and the condition of your house, go ahead and list it.
If you’re not ready to sell yet or don’t think the market is right for your property, consider holding onto it for a little longer. If interest rates keep rising, staying put could be a better option financially – especially if you’re looking to finance a home through a mortgage. It might be better to refinance your mortgage if things are tight, though you might need to consider if refinancing could hurt your credit, depending on your financial situation.
How to buy a home in today’s real estate market
Today’s market is especially tough for buyers as interest rates continue to rise and buyers compete for properties with limited supply. But there are still ways to get a good deal if you’re prepared to do your homework.
First, ask around for tips on what’s selling and suggestions about what neighborhoods might be best for you based on your budget and preferences. If you can afford it, look into buying a property that needs repair or renovation, as these can often fetch a higher price than those in perfect condition.
Second, know your limits. Don’t overspend just because you think you can get a better deal; Stick to your budget and research the value of similar properties before making an offer.
And finally, remember that it takes two to tango. When negotiating with real estate agents or sellers, always remember that they’re in business to make money, so be prepared to give and take a little bit to stay competitive against other offers they might get.
The bottom line
No matter how you feel about the current real estate market, there are still ways to get a good deal on your home, whether you’re buying or selling. Be prepared to do your research, be patient, and know your limits- and you’ll be able to find the best deal possible, no matter the market.
Name: Michael Bertini
Job Title: Consultant
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