January 23, 2024

By Isabel Guzman, Realtor®

Video Transcription

There is a lot to be said about today’s real estate market. Home prices have risen, there is a lack of inventory, and mortgage rates remain high. So as a buyer, how do you determine your buying power?

Hi, I’m Isabel Guzman, Broker Associate and Realtor with EXP Realty

Home shoppers often ask me, what should I do in today’s market? Should I wait to buy to see if rates come down and inventory increases or take advantage of the market now despite higher mortgage rates? My answer is: If you can financially take advantage of this market, then yes, you should buy now, and here’s why.
In today’s market, buyers have all the leverage to negotiate with sellers. Most homes on the market today are sellers who need to sell, not just looking to see what price they can get on their home. This means they may be more willing to offer more concessions like closing cost credits, rate buy-downs, or repair costs.

More importantly, sellers are no longer asking buyers to remove all their contingencies with an offer like we have seen the last couple of years. Combining all of this gives a buyer more power and leverage to purchase a home and can outweigh the costs of high mortgage rates. In fact, right now with creative financing options, it can actually be more affordable to purchase a home than it was during the frenzy. Also, after purchasing, buyers can always look
into refinancing when rates eventually come down. Of course, it is best to consult your trusted real estate agent to discuss what is happening in your local market area. Please feel free to reach out to me and my team with any questions so we can help you make an informative decision in today’s market.


I'm Isabel and I'm always happy to help.o help!