Buyer Handbook

Buyer Handbook

ATTENSION BUYERS: WHY NOW IS THE PERFECT TIME TO ACT!

• Because the 30-year mortgage rate just fell to it's lowest point in a year!! That's 6.47%, so its a great time to re-engage.
• And the rate for 15-year fixed loans fell to 5.99% -this is a great tool to consider for shorter terms hold or for refinancing.
• What's the Good News for this Fall? A strong anticipation of a September Interest Rate Cut by most analysts
• So, How much Difference does 1% Make in Your Mortgage Payment? It depends upon the purchase price, mortgage amount, your credit and the total amount financed. For example:
• A 1% drop in interest rates on a $400,000 loan from 6.5% to 5.5% could save a buyer $257 per month, or almost 20% on their monthly mortgage payment
• Will inventory continue to increase? No one can really read the tea leaves, but there's potential that rates will impact sellers bringing more homes to the market--either this fall or early spring (think December-January).
• The Best Time to Get Ready for the Shift is now. There is a ton of Pent-up Buyer Demand - and as the market shifts with additional inventory and lower interest rates, expect spring 2025 to be competitive with plenty of new buyers shopping for homes. So now's the time to get prepped.
• Meet with an agent and get fully pre-approved or underwritten with your lender.
• The New Normal - Rates should normalize at some point and fluctuate between 5-6% - anticipate this as the new normal.

Have a question about buying or selling?

Call me: 773.405.6315 or Email:  [email protected]