How to Take Advantage of this Housing Market

With higher interest rates, how do you profit from this when buying a home in our current housing market? 

Watch this video to find out a couple ways to save you money when buying a home here in Idaho.

Deciding to buy a home when the interest rates for mortgages are high can be tricky, but don't worry. In this video, we're going to cover some of the smart things you can do to get a good deal on a house.

One way is to look at new houses being built by Builders. They often offer lower interest rates and other incentives. Also, many sellers on resale homes, as well as Builders, are giving credits that can help you with your cost when buying a home.

So let's first look at new construction homes. When interest rates are high, like they are now, it's a good idea to look at brand new houses. Builders who make these houses often give you a chance to borrow money at lower interest rates. This will help keep your monthly payments lower. Why do Builders do this? Well, they want to sell their houses quickly, so they are willing to make a better deal for you by giving you lower interest rates.

Now, before you decide on a new house, make sure to:

1. Learn about the builders: Find out which Builders are good and have built nice homes before.
2. Compare interest rates: Look at the interest rates at different Builders to find the best one.
3. Read the rules: Make sure you understand all the rules about the Builder's loan, like if the interest rate could change in a couple of years. As your realtor, I can help you with each of these things.

Another great option is using incentives or credits from a seller or Builder. Home Sellers and Builders want to sell their homes, so they often will give you some extra help. This help comes in the form of credits, which can pay for some of the cost of buying a house or even make your interest rates lower. Credits help you buy down your interest rate so you pay less per month on your mortgage.

They also help cover closing costs, which are things like property taxes, HOA fees, and other mortgage costs. If the home is a new construction home, then this Builder may just simply offer the credit. Sometimes we have to ask for it. Now, if it's a resale home and you're dealing with a homeowner selling their home, then you usually have to ask and negotiate for that credit. Again, as your realtor, I'll help you negotiate those credits for you to help you get the most possible.

Finally, if rates do fall, you can always refinance your home later. This means you may be able to drop your rate a percent or two and save you hundreds of dollars a month on your payment. But you just need to make sure that you can afford that monthly payment now and not just hope that rates will fall later.

So if you're wanting to buy a home now, you can still find a great home by looking at new houses and using credits from Sellers and Builders. Just make sure you're careful and give me a call, text, or email to get started.