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  • Writer's pictureTara Powell

Should I Buy Now or Wait?

There is a lot to be said about today’s real estate market. Home prices have

risen, there is a lack of inventory, and mortgage rates remain high. So as a buyer,

how do you determine your buying power? Home shoppers often ask me, what should I do in today’s market? Should I wait to buy to see if rates come down and inventory increases or take advantage of the market now despite higher mortgage rates? My answer is: If you can financially take advantage of this market, then yes, you should buy now, and here’s why. In today’s market, buyers have all the leverage to negotiate with sellers. Most homes on the market today are sellers who need to sell, not just looking to see what price they can get on their home. This means they may be more willing to offer more concessions like closing cost credits, rate buy-downs, or repair costs.

More importantly, sellers are no longer asking buyers to remove all their

contingencies with an offer like we have seen the last couple of years. Combining

all of this gives a buyer more power and leverage to purchase a home and can

outweigh the costs of high mortgage rates. In fact, right now with creative

financing options, it can actually be more affordable to purchase a home than it

has been in the past few years. Also, after purchasing, buyers can always look

into refinancing when rates eventually come down. Of course, it is best to consult

your trusted real estate agent to discuss what is happening in your local market

area. Please feel free to reach out to us with any questions so we can help you make an informative decision in today’s market. Tara Powell with the RE/MAX NC Coastal Team. Real Estate with a Purpose. Where we put our clients and community first!

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