Skyrocketing home prices are being compounded by a new issue for people looking to buy: mortgage rates are also on the rise.
He said there are three things you want to keep in mind when weighing your buying power right now.
“Get a good team. A real estate agent and a lender working together is important. Make sure you have contacted a lender to know exactly how much house you can afford and what kind of loan you can get with your credit score. Work with the lender to know exactly how much cash you will need at closing. There are several costs associated with it, but in some cases, excellent credit borrowers can get away with putting less down, depending on the situation.
He said in this competitive market, there are people making multiple cash offers. Putting yourself in a good spot financially before you even head to the negotiating table is the best move. Be prepared, not frustrated.
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