A new real estate landscape
With nationwide slowing of real estate markets, there are new opportunities for buyers. Today's open house isn't likely a war zone with a Sunday offer deadline. That means more time for showings and even second visits. And today, rather than rushing or waiving inspections, or promising not to ask for repairs, buyers can now inspect fully and make reasonable repair requests.
With fewer multiple offers, a well-drawn contingent offer is welcome again. Notice that can also be good for sellers, since more people are likely to make an offer, increasing the likelihood of getting full price.
The surprise of now-higher mortgage rates will abate over time, and we'll all see that the 3% rates are/were a thing of the past, artificially conjured and maybe not to return in our lifetimes.
Good news: in some cases, a sellers may participate in buying down the interest rate in a deal. So rather than getting 6.x, you could still have a 5.x rate and have the home still be affordable. This is negotiable today. Another option is the 5/5 mortgage option. This is a relative new kid on the block, and though it's fair to call it what it is, an adjustable or "ARM" loan, it only changes once each 5 years, so in your first 10 years, it only changes one time, and it has caps on how much it can change. That's pretty stable. And remember any mortgage isn't forever…when rates cycle lower again, you will likely refinance anyway.
The new landscape is navigable. It just needs a little new thinking.
Cascade Hasson Sotheby's International Realty
15400 SW Boones Ferry Road
Lake Oswego 97035
503-341-5915
