Interest Rates and Home Buying - What's a Home Buyer to Do?
#BrianChandler #RealEstate #ParkerColorado
Brian Chandler | 18551 Mainstreet | Parker, CO 80134 | 720-808-1007 | RE/MAX Alliance
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Hey guys. This's Brian. Yeah, let's go, Brian. Uh, if you're a home buyer, you need to pay attention. Okay. And I know that I'm gonna sound mad. Okay. And I am pissed off to be honest with you, because buyers are trying to buy. Sellers are trying to sell. Of course, that's always been the nature of real estate, but the interest Rates are going Up. And what does that mean? It means like on a $400,000 Loan, your payment today is about $500 more than it was two months ago. A house that you might have looked at two months ago at 600,000. Now you would be able to Look at that house for 450,000 based On The payment that you can afford based on your income. So, yeah, it's tough. I know it's tough. And there's a couple Things. One you need to act now, Right Now we're At the levels back around interest rates are where they were about 2018. So Not Way outta line. Right. But how are you gonna be able to find a home to buy? You're saying, Yeah, that's great. And I I'm ready to go, except I can't Find a house To buy. When I do find a house They've got like eight other offers, 10 other offers, 20 other Offers on it. Well, You know what folks, you need to Be working with an agent. That's gonna find you a house. That's not in a competitive Situation. We have tools Available to us. Once again, I don't mean to sound angry, but You know, dang, we've got tools available To us that are called predictive Analysis. We can go into An area into a neighborhood and run algorithms and say, How long have those people been in the House? Are They empty nesters? Do they own other property? How what's their loan amount? And this Will give us An idea of who's most likely to put their home up for sale or may want to sell. And then we can Approach those people. We can knock on their door. We can, the mailers, we can send. 'em a postcard. If your Agent's not doing that for you, you need to consider Changing to another agent. Okay? Bottom line. Uh, if they're like, I don't know, and put mailing and mail and try to address envelopes and put in postage. I don't know. Hey, we make A good living. Okay. When we sell a house, we may make five or 6,000, 10th thousand, $20,000 commissions on some of the sales of these homes. And if you've got an agent That's working with you and they're not willing to go ahead and be proactive and aggressive Like that for You in this market. Well guess what Interest rates are 5% today, they're gonna be at 7%, 8%. The fed is already indicated that they're planning to increase rates four more, four or five more times this year. So what's that gonna do with mortgage? What's that Gonna do with the affordability of the home? You're gonna be able to buy, okay. All of a sudden that's house, you can say, we can afford a $600,000 house. Now it's gonna be well, it's 450 now to keep our payments where we want. And there's no houses for 450. Now we have to wait for the market to adjust. And then the sellers can't sell because there aren't enough buyers. Now that can afford to buy their house. Now the prices are gonna start to come down and That could be Years, right? So if you wanna buy, if you need to buy now, while the interest rates are where they are and you need to have a good agent working for you, that's going to go and be proactive. Find the home that you can buy, where you don't have to compete with 20 other offers because they've knocked on the door, they've done their homework. They've been aggressive. They've gone in and said, I've got a, a buyer for your house. You wanna sell? Call me, let's talk. Let's put a deal together. And that's how it happens behind the scenes. Folks. You may not understand all the ins and outs of how that that happens, but after 44 years of being in business doing this, I pretty much have an idea of how the, how things work on the back end. So once again, don't mean to sound mad. Do I sound angry? But you know, I've got buyers out there that have been in the situation. They're just like on a, you know, on a hamster wheel. It's, it's really sad and I'm trying to stop it. So once again, you can always feel, you can reach out to me with any
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