What a time to be looking for a home!
Now that house, condo and townhome prices are coming into more realistic numbers, more buyers, first time and second home purchasers can find someting more affordable.
As a mortgage broker attached to a ReMax office, I see the numbers and here the realtors talk about the opportunities. There are deals out there. This isn't doom and gloom but like always, folks who need to sell are doing what they can to sell their home. If that means drop the price then off they go. There are other measures and choices.
There are buyers who may need the last little step to make their purchase affordable. Not many people know this but putting a sellers incentive to buy into a rate buydown can make a big difference. It's legal and while not all lenders will consider it, properly documented it makes great sense. With the buydown, the buyer's income qualification can be much easier; $8,000 lower income needed on a mortgage of $359,000 with a 1% rate buydown. The cost to the seller will vary depending on the rate, term and amortization. It's easy to figure out.
It is a buyer's market and maybe this will be one of those tools of negotiation the buyer needs.
Got a question on this? Call me at 250-717-5050 Chris Murphy, Mortgage expert
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