Top 5 Reasons Why You Should Purchase Today!

Hello, Are you a buyer that has gone to the sideline to wait to purchase a new home or has been delayed from entering the real estate market? If so, I'm sure your reasons could be valid, but I wanted to ensure you have all the information on whether this is a wise choice. The main issue, I assume, would be " affordability " from the significant rise in rates that has lowered your buying power or knocked you out of qualification. You might think this is a negative, but I wanted to highlight this exact issue and show you that it is an excellent thing for you as a potential home buyer. In the video above, I've laid out the domino effect of the increase in the rates market, which allows you opportunities that have not been present in the last few years for home buyers. The lack of affordability and inventory is an exciting and challenging dynamic in this market, making it completely different. What I mean by that is that usually, these two forces don't line out together in this magnitude. For example, when affordability issues last crept into the market, the housing supply spikes with the pullback of buyers, which we experienced recently in 2018/19. The main issue that has caused a much-needed pause in our housing market has been the spike in rates, which caused our affordability issues. So we should focus on the opportunities that present you as a home buyer now vs. just six months. "Be Fearful When People Are Greedy & Be Greedy When People Are Fearful" - Warren Buffett ........................................... Six Months Ago vs. Today Six Months Ago: "People Were Being Greedyl" Buyers competed against 10+ offers per property. Buyers had to release all loan, inspection, and appraisal contingencies. Buyers had to convert their loans into " cash offers " to compete. Buyers had to overbid on their offers to compete. Buyers had to settle on whatever home came on the market. Buyers are being delayed in converting their " cash overs " into loans in this high-rate environment. Today: "People Are Being Fearful" Few Buyers, which means less competition. Buyers can write offers with and maintain their contingencies. Buyers with minimum down payments can purchase again. Buyers can get fair value or even undervalued properties with their offers. Buyers have more choices of homes than buying whatever comes to market. With help from lenders like myself, we can structure much better terms, like buying down the rate.

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Should I Buy Now or Wait?

History has proven that home ownership pays. Instead of paying rent with is 100% interest and you have no ownership in the property. When you own your own home, each month a portion of the payment goes to paying the principle. If home values appreciate, then over time then you gain equity. There are many different options that you can do with the equity. Shoot me a message or give me a call to discuss your unique situation and how we can custom tailor a programs to fit your needs.

Your Guide To Help You Select The Correct Buydown Program

Hello, If you're a buyer trying to purchase in today's market, you might have heard of a "rate buydown." But, you might be like most consumers with how they work, which one to select and why it would benefit you and your family. What Is a Buydown? A buydown is a mortgage financing technique with which the buyer attempts to obtain a lower interest rate for at least the first few years of the mortgage or possibly its entire life. 1 A 2-1 buydown, for example, is a specific type of mortgage buydown that allows homebuyers to save on their interest rate for the first two years of the loan. Buydowns can also use a 3-2-1 structure as well. 3-2-1 Buydown? In a 3-2-1 buydown, the buyer pays lower payments on the loan for the first three years. For each of the first three years of the mortgage, the buyer's interest rate would increase incrementally by 1% annually. The total interest rate would apply beginning with the fourth year of the mortgage loan. While the buyer received savings from the lower interest rate in the first three years, the difference in the payments would have been made by the seller to the lender as a subsidy. 2-1 Buydown? A 2-1 buydown is structured the same as a 3-2-1 buydown; however, its discount is only available for the first two years. So you would have a 2% interest rate reduction for the first year of the mortgage, then a 1% discount for the second year. Your interest rate and monthly payments would increase until your loan reaches its actual percentage rate. This happens in year three of the loan. At this point, your monthly mortgage payment would reflect the real loan rate. You would pay upfront for the 2-1 buydown at closing; theoretically, the money you save over the first two years would cancel that payment. Temp Buydown Pros and Cons Whether it makes sense to use a buydown to purchase a home can depend on several things, including the amount of the mortgage, your initial interest rate, the amount you could save in interest over the initial loan term, and your estimated future income. How long you plan to stay in the home also can come into play in determining your break-even point. Pros * A buydown temporarily reduces your interest rate, saving money and lowering your monthly payments during the initial loan term. * Choosing a buydown may allow you to pay less for the home than the seller's listing price. * It could make sense for homebuyers whose income will increase in the years to come. Cons * Once the buydown rate ends, your monthly payment could be higher than expected. * You could struggle with monthly mortgage payments if your income doesn't increase. .................................................................................................................................................................................................................... Attn: Realtors Buydowns for Open Houses: Do you have an Open House Coming Soon? If so, let's get Buydown options out to potential buyers ( see PDF Flyer attached ) You can view the Open House Property here - XXXXXX Buyer Motivation: Do you have Buyers that have left the market until the following year? If so, I have built an excellent presentation explaining why I think it's a great time to purchase now vs. next year. You can view that here - XXXXX