Debbie Bloyd is a contributing author to Weekly Real Estate News and can be contacted at 469-768-0337 or [email protected]
If you are an agent – what do you tell your clients about the interest rates? The rates are going to be stabilizing this year so there won’t be a big change until the inflation stabilizes as well. I want to assure everyone that this is the new normal and they won’t suddenly be going down to 4% . The Fed feels that it is trying to help the economy but all it is really doing is making homebuyers weary and hesitant to purchase a new home – they are waiting for something better -but there is nothing better coming – this is it guys!
The rents are going to keep going up and what we need to remind all the first time homebuyers is that once they own the property – this is exactly what they want – they too will want their homes to increase in value – that is what we all want but with that comes other issues.
Insurance and taxes will be going up this year based on last years property value increases and it seems to only be going up. It is getting more expensive to life in the homes – so if your buyers are worried about and increase in taxes or insurance – they might not be really ready for homeownership.
Not everyone is cut out to be a homeowner. As a lender – I try and get everyone approved but just because it makes sense on paper does not mean it will make sense to them in the long run.
So the message for today on rates – buy now and refinance later. Many lenders are offering that to their current clients – allowing them to understand that rates will be moving we just don’t know when so ask your lender for some help in this area.
2023 will be a year of real estate and mortgages – people still want to own a home and will be moving and upsizing and downsizing so keep your heads up and be ready when the renters come out in the Spring!!!!
This article is an overview for a general educational purpose only. The information presented should not be relied upon without the advice of counsel.
Debbie Bloyd is a contributing author to Weekly Real Estate News. She can be contacted at 469-768-0337 or [email protected]
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