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.