Why Buy in a Seller’s Market?

Dated: November 5 2020

Views: 231

Judy Martin Seller's Market

If you decided not to buy a house right now because you heard it was a seller's market, I have something you should hear.

Right now, sellers may be getting the best value for their home, and with a lower-than-normal inventory, buyers are forced to compete with each other. So, houses are going quickly.

However, if you look at the interest rates buyers are getting on their mortgages, it’s clear that those who are getting homes right now are saving quite a bit through these low mortgages.

Consider that some buyers are getting as low as 2.5% interest rates. That's unheard of! Especially since a few months ago, 3% would have been considered incredibly low.

Imagine getting a $300,000 home at 2.7% mortgage rate at 30 years. That would be just $1,217 a month! The price would be comparable if you rented an apartment. 

Of course, to be eligible for these kinds of interest rates, you'll need good credit, a balanced debt-to-income ratio, savings, and a steady job/income. If you have these things in place, you're in an excellent position to jump into the market. Veterans have an added advantage because of their access to VA loans, which can knock their interest rate down even lower in some cases. 

Rates this low aren't likely to last, so you should make sure to lock them in now. Once they rise again, it will effectively end this unprecedented period where both buyers and sellers are experiencing advantages simultaneously. 

Having a professional agent who can get you quickly connected to the right lender is critical because of how many factors go into processing your loan. I take my clients to local lenders because of how much more accessible and reliable they are.

If you're considering finding a home in Gaithersburg and you'd like help getting access to these historically low-interest rates, I can help you. I have 30 years of experience getting my clients the best deals on their dream homes, and I would love to get to work helping you as well.

Call me at 301-208-2288, or email me: judymartinsells@gmail.com.

Blog author image

Judy Martin

In my 29+ years of experience, I have helped hundreds of families buy and sell their homes. My business goal has always been to obtain the most value for my clients in the shortest possible ....

Latest Blog Posts

Need Help Finding a Home? Here's an idea: New Home Builds

With such low-interest rates on mortgages, it's no wonder why people are rushing to secure a home right now. Combined with the extremely low inventory on the market right now, we're seeing something

Read More

How to Land Your Dream Home

So you found the home of your dreams and you can well afford the asking price, but there’s a problem: At least fifty other buyers are competing to outbid you!You’re not alone in this.

Read More

List Your Home for the Right Price

What's the worst thing that could happen when you list your house for sale?Obviously, your fear is that it won't sell. If you find yourself in that situation after listing (or you're looking for

Read More

5 Ways to Lose Your Loan

One thing you might not know as a new homebuyer is this: Your loan application process is a delicate thing.The period of time before you get approved for your mortgage is full of pitfalls for the

Read More