Interest rates have been gradually increasing in recent months. It may hurt the housing market . I had a buyer who looked at homes last year and decided to wait . The prices of homes in the community that she likes have increased and rates are higher. She may not buy a house and will continue to rent.
Most agents these days have the buyer talk to a lender before showing them homes so they know that the buyer can quailfy for a certain price range based on credit and income.
The rates have increased in the last year so if you were looking at homes based on last year's rates, you may want to see if their income has increased or whether they have more money for down payment or show them lesser priced homes.
Another thing that has happened is changes to FHA . Please have your buyers talk to a lender again because of changes that took place on June 1.
We have no idea what is going to happen with interest rates so it may be a good idea for buyers to talk to lenders and see if they can lock in rates when they apply for the mortgage . Buyers have to specially careful when it is a short sale. It may take several months to close.
Buyers buying new construction should also be careful because you may not be able to lock in the interest rates if it will take too long for completion. Check with the lender and see if the builder has some program.
When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.
Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com
She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email firstname.lastname@example.org
If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491
Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others in my post and comments is not to be construed to be legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.