.svg)
Feeling like a deer in headlights at the thought of selling your home? You're not alone. Two common concerns have many homeowners on pause: dread of a higher mortgage rate and the scarcity of homes to buy. Let's jump right in and share some strategies to conquer these hesitations.
Hesitation #1: Higher mortgage rates
Today's 30-year fixed mortgage rates are sitting closer to 7%, a giant leap from the sub-4% bliss that current homeowners enjoy. This change has given birth to the 'mortgage rate lock-in effect,' prompting many homeowners to stay put.
Quick Tip: Although we're all secretly wishing for a crystal ball, mortgage rates are as unpredictable as a twist in a good novel. It might be tempting to wait for a decrease, but remember, home prices are still on an uphill journey. Move now and avoid future price hikes. If rates do fall, a refinance could be an ace up your sleeve. Ask your trusted Evergreen partner about the Buyer Booster $2,500 refinance!
Hesitation #2: Anxiety over limited home choices
Thanks to the above hesitation, fewer homes are gracing the market, making the house hunt a little challenging.
Quick Tip: Flexibility is your secret weapon here. Exploring a variety of housing types (think condos, townhouses, and new builds) can broaden your search. And if you have the luxury of remote work, why not extend your search beyond your usual boundaries? You might discover a gem you hadn't considered before.
Fear-busting move
Instead of being haunted by worries, focus on what's within your control. Teaming up with a real estate professional, well-versed in navigating the market, can equip you with insights and strategies to make confident decisions. So take a deep breath, and remember, you've got this. Contact your Evergreen Loan officer to learn about our CashUp Suite of Products!
Source: Keeping Current Matters
©2023 Evergreen Moneysource Mortgage Company® NMLS ID 3182. Equal Housing Lender. Trade/service marks are the property of Evergreen Home Loans. All rights reserved. Please see www.evergreenhomeloans.com/licensing for licensing information.
