Halloween is back in full force this year — trick-or-treating, parties, costumes, and we are a far cry from Halloween two years ago in 2020 when trick-or-treating was banned or heavily discouraged. Our office passed out candy during the Annual Glendora Village Trick-Or-Treat event. It is a ton of fun to see kids in costumer and people walking the Avenue.
Higher mortgage rates are spooking some home buyers. It can be frustrating to think back to a year ago and regret that you didn’t buy or sell. Unfortunately, it is nearly impossible to time the market. A relatively common question we get is: Should I just wait to buy until mortgage rates go down again? When will they go down — nobody knows. Even economists and decision makers on the Federal Reserve might not know what will happen in the future.
When you see headlines about mortgage rates, remember that those are averages and displayed nationwide. We recently had a lender come and speak at our office and talk about how home buyers can buy down their mortgage rate, use loan programs like a renovation loan to make improvements to the property, and how a home buyer could have a lower rate for the first few years of the loan. Now I am not a lender, but I have a lot of great resources for you to reach out to.
Mortgage Monthly Payments depend on mortgage rates, but also factor in: credit score, loan type, debt-to-income ratio, down payment, and loan term. By optimizing your situation in each of those categories, you can get the best rate there is.
Life events will happen regardless of what type of market we are in.
What type of homes do buyers want?
–> A property with a back house, ADU, or separate living quarters
The trade off between mortgage rates and who has the negotiating power is a part of the dynamic of the real estate market. When rates are low, more buyers are in the market competing for the same property so seller’s have the upper hand. When mortgage rates go up and buyers flee the market, then buyers have more of an ability to ask for repairs or submit an offer below list price.
When a KALEO Real Estate Agent works for you as your Buyer’s Agent, they will hunt for the perfect house for you and negotiate so that you get what you want!
When you list with KALEO, your Real Estate Agent will handle the nitty-gritty details of preparation and marketing so that you make the most you can.