Higher Interest Rates May Be Good News for Buyers
There’s more to buying a house in Louisville than locking in a low interest rate.
by Mike Hall
Homebuyers: Rates may be on the upward swing but there are plenty of opportunities for you!
During a frenzied market, buyers often found themselves in bidding wars, skipping home inspections, or spending big bucks on pre-offer home inspections.
All those situations could and did lead to an expensive process for home buyers and possibly a little burnout too. What many people forget – there’s more to buying a home than the interest rate.
Higher rates can balance out the market and somewhat level the playing field for buyers. There should be less competition, a slower increase in the price of homes, and possibly more inventory. Also, sellers will be more willing to accept non-traditional loans and more contingencies.
If you are in the market to buy a home, whether you’re facing increasing rent, needing a larger home, or other household changes, there are ways to navigate a higher interest rate:
- Be open to another location
- Tweak your monthly budget
- Search a wider circle
- Revisit properties that linger on the market
- Look for new construction
If you need help understanding what you can afford and Louisville, Ky. real estate market trends, work with a Red Edge real estate agent.
Source: The Washington Post; This topsy-turvy housing market can help burned-out buyers