Despite the recent downward trend in mortgage rates, prospective homebuyers still face challenges in the current housing market. To provide guidance on navigating these issues, Melissa Cohn, Regional Vice President of William Raveis Mortgage, joins host Brad Smith on Wealth!
For more expert insight and the latest market action, click here to watch this full episode of Wealth!
This post was written by Angel Smith
Video Transcript
And so for people out there who are looking for perhaps a new place to live and they’ve got their list, they’ve checked it twice.
They’re trying to figure out how much time they’re spending at open houses this weekend.
What tips do you have for home buyers?
Um You know, I think look for opportunities, obviously, if you have a property that’s been on the market for a longer period of time, you’ll probably have more negotiability.
If you’re looking at a property where the mortgage that you’re going to take is a conforming loan under the 766,000.
And it’s a property that’s been on the market for a while, consider asking the seller or the broker to offer you a temporary buy down where you can take advantage of a lower rate.
Now, uh you know, temporary buy down would be where a rate can be one or 2% lower for the first year or two.
So if the average rate call it six 7 8% today with a 21 buy down that a seller can pay for, you could be borrowing at four and 7 8% for the first year.
So you feel like you’ve already won the war.
Wow, great advice there, Melissa Cohen, William Ravis Mortgage Regional Vice President.
Great to have you here back with us on wealth.
Appreciate it.
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