These two strategies will help buyers buy a home despite rising rates.
Great news for November! As we head towards Thanksgiving and Christmas, there will be an interesting time in real estate. The market usually slows down quite a lot this time of year, opening up many great opportunities for buyers. Today I’ll talk about what you can do to take advantage of the current market environment.
If you’ve been keeping up with the news, you’ve probably heard that interest rates went up quite a lot. One option that can help you buy a home despite rising rates is seller financing, where the seller finances the property and gives you a mortgage that is usually for a two- to three-year term. Another strategy buyers can take advantage of is assumable loans, which can either be a VA loan or an FHA loan.
These two strategies are gaining momentum right now; in fact, at 1:26 in the video, you’ll see around 48 properties that are on sale this month in the San Diego market as an assumable loan or a seller financing. One of the homes is listed as “seller may carry,” meaning the seller with the down payment is willing to carry the loan, so you don’t have to qualify. There’s also a home listed with a rate at 2.875%. You can buy the home and get this fantastic rate if you can have the approval from the VA to assume this loan.
There’s a lot of opportunities for buyers right now. If you have questions about your purchasing plans or anything that’s related, call or email me. I’m always willing to help!