According to CNBC, mortgage applications rose by 8.3% at the start of the year. Refinance applications rose by 11%. Mortgage rates are also lower than they were at this time last year. The lower rates may be fueling refinance applications, because homeowners are taking advantage of equity in their homes.
With the housing market changing this year, your housing options may change as well. Here are some tips to give you an advantage:
Set up alerts on property listing websites – be ready to pounce when a property goes up for sale.
Buy during off-peak seasons - it’s more of a buyer’s market on off seasons. Sellers may be more willing to negotiate.
Have realistic expectations – you may not find a diamond in the rough, so keep your mind open.
Be proactive – make the first offer and be diligent in your search and speaking with agents.
Search off the beaten path – look in smaller towns and communities. You may have luck with more housing options and lower prices.
Although the housing market is going through a change, rates are still low. Mountain West Financial has several loan programs available that can help you achieve your dream of homeownership. Contact us today to see what you qualify for!
**CNBC.com // MSN.com