Shop around for the best rates. Not all banks are offering the exact same rates.
Improve your credit score which could impact the rate. Talk to a consultant you can help put a plan together for you.
Lower your budget. Instead of buying that $1 million home, look at one selling for less.
Focus on the monthly payments....what are HOA fees? Real estate taxes? Operational costs? Insurance? Sometimes a higher priced property costs less to service financially than a lesser priced property.
Seek out properties where the asking price may be more negotiable. Some sellers are more negotiable than others. Some have reduced prices. While most seek a windfall, others are being more pragmatic.
Increase your down payment if you can. Are you getting 7% for your cash? That money offsetting a borrowing cost of 7% may be wiser....
Timing markets is usually unreliable. When rates come down you can always re-finance, but chances are when that happens home prices will go up as more buyers usually enter the markets.
Adjust your living budgets: could you cut something from your overall living budget to add more money to service a mortgage?
Place offers. You never know. We are in times of uncertainty and some sellers who have owned their homes for a long time don't have the same cost basis as those who bought in the past 3 years. Most people sell after 10 years of ownership: pricing in 2013 was a lot lower!
Ask for owner financing: sellers with more equity could see value in doing this. Seller financing can be used to avoid taxes in some circumstances,
Take a closer look at fixer-uppers: most pay a huge premium for move-in brand new. Yes, it's easier and quicker. But sometimes doing the work yourself creates value at time of purchase.
Even in times of uncertainty every month you pay rent is a month less of equity building and a lost tax deduction. Rents can come down, but over time are very closely tied to inflation. If inflation averages 2% over the next decade, a $4,000 rent payment today may be $4,875/ month 10 years from now.
Work With Suzie
I’ve been a top-producing agent for ten years now, focused on Marin and the East Bay, two areas I love and know well. Clients can count on my market expertise, persistence, and diligent follow-through.