How to make home buying more affordable while staying competitive.
Can buyers afford their dream home in this market? Even in today’s market, there are still things you can do to win the home you want at a price that won’t break the bank. It just takes a slightly more strategic approach to look for homes.
First, it’s worth mentioning that interest rates are at an all-time low. People say this a lot, but it’s important because while home prices are very high, the low interest rate counterbalances this and makes home buying still affordable. You may be able to afford more than you think because of these rates.
To approach homebuying more strategically, you need to look at homes within a comfortable and affordable price range. When you qualify for a loan, it will likely be for a range that is above where you would be comfortable. We can work backward from what monthly payment you would like to find a price range that will be more affordable in the long term.
“Don’t give up hope.”
Once you are looking for homes in that comfortable range, you can use the fact that you are qualified for more to bump up your offer on a home and win multiple-offer situations. This lets you put a much more competitive offer on your dream house while ultimately staying within your affordable range.
Don’t give up hope. With interest rates as good as they are and using the strategy above, you can still win on your dream home. Call us today to start that strategic conversation or if you have any other real estate questions we can help with. We would love to be a resource for you.