Are Rising Mortgage Rates Affecting Home Buyers?
We know interest rates have gone up. We will review how home buyers are approaching rising mortgage rates in Metro Detroit and saving money simultaneously! ~
“The 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and reach 3.0%, rising to 3.5% for full year 2022.”
If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise.
Taking Time Off Can Be Costly
Mortgage rates play a significant role in your home search. As rates go up, your monthly mortgage payment increases if you buy a home, directly affecting how much you can afford. And even the smallest increase can have a large impact on your monthly payment (see chart below):
With mortgage rates rising, you’ve likely seen your purchasing power impacted already. Instead of waiting and hoping rates will fall, today’s rates should motivate you to purchase now before rates increase more.
Smart Home Buyers Can Succeed by Planning Ahead
You can use your newfound motivation to energize your search and plan your next steps accordingly so you’re prepared to act no matter what happens with mortgage rates. One way to do that: consider rising rates as part of your budget.
Danielle Hale, Chief Economist at realtor.com, puts it best, saying:
“Smart buyers should consider calculating a monthly payment not only at today’s rates, but also at rates that are a bit higher so that they won’t be derailed by a sudden upward move. . . .”
You should also be ready to act when you find a home that meets your needs. That means getting pre-approved with a lender so there won’t be any delays when the time arrives.
The best way to prepare is to work with a trusted real estate advisor now. An agent can connect you with a lender, help you adjust your search based on your budget, and be ready to act quickly when it’s time to make an offer.
Save Thousands When Applying for Your Loan with Zero Plus
Watch the Video ☝☝☝ and see how you can save thousands on your mortgage. It’s your money, so we need to put it to work for you. We have our favorite and best loan officer to assist you and answer all your questions. Unlike some other lenders, Keller Mortgage isn’t spending Millions on marketing and advertising. Therefore, we pass those savings on to you by offering no fees and a low rate. Plus $1,000 Cash Credit at closing for loans $150k or more! Contact my Cell with any questions at 248-343-2459 or 👇👇👇 request help below.
Bottom Line: How Home Buyers Are Approaching Rising Mortgage Rates
Serious buyers should approach rising rates as a motivating factor to buy sooner, not a reason to wait. Waiting will cost you more in the long run. Let’s connect today to understand your budget better and be prepared to buy your home even before rates climb higher.
Simplifying Real Estate Through Education
As we move forward, it’s been challenging as we navigated through all the changes. Putting your dream of a new home on HOLD shouldn’t be one of them. Now more than ever, knowledge will be your power. Know the Market You’re In and your Negotiation Power. Check out Categories for additional updates regarding the Market | Buying | Selling
Our 🔑 To Home Buyers and Sellers Success ~ Safe PDF Buying Guide
👈👈👈 Watch Video for Sneak Peak
Don’t muddle through the Home Buying and Selling Process. Buying a new home is a dream for all of us, and it’s an emotional and stressful process. It also involves the most significant financial transaction you probably will make in your lifetime.
Your Selling Guide…
It will help you work through the selling process using the latest in high-tech market tools, so you make MORE MONEY.
Our goal is to separate your home from the competition, keep Buyers focused on your house. The Selling Guide is very detailed and works step-by-step, so you’re guaranteed Top Dollar for your home.
Your Buying guide…
It will help you buy your ideal home with confidence and save thousands in the process. 1. What you should avoid after applying for your mortgage. 2. How to Save Money when you purchase. 3. Know the market Your In and Home Prices.
Both Guides will help you…
Strengthen your Negotiation Power. How to handle negotiations if you find yourself in a multiple offer situation? Find out the answers by downloading your PDF e-Book Guides and WIN when Buying and Selling a home in 2022
Get Your Home Buying and Selling Strategies in our E-Guide
If You Need To Sell 1st… I Recommend 🛑Doing This!
No 2 homes are alike, and agents need to 🛑 marketing ONE size fits all. We no longer have an exposure problem (internet). Your home is buried on public home search internet sites. The only way to compete on those platforms is the price. If you want more money, you need to apply Influence. Separate your home from the competition, so the Buyer sees value. Keeping them focused on your property and not getting lost in homes’ inaccurate data on public internet sites is necessary. Having digital omnipresence on serval platforms is your key to success. Remember MORE INFLUENCE = MORE 💰. We have details on how you can utilize High Tech Marketing and Win!
If you have any questions, contact us: Chatbot 🤖 at the bottom. Contact me by Email 📩 or my Cell 📲 @ 248-343-2459. Would you mind sharing your thoughts below or what future article you would like to see? Your opinion is important to us…. this site is for you.🤩 To Keep up to date, request our 🏡 Chat Newsletter or Follow us on Facebook, Instagram, or YouTube.
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