As a potential buyer in today’s crazy and unpredictable housing market, what are four strategies you can do to save money on your purchase? Hi, I am Krista Mashore with eXp Realty and Homes by Krista. For many shoppers, buying a home in today’s market may seem like a very pricey pipe dream. The market is still seeing higher mortgage rates and home prices remaining steady with low inventory. Combining these factors and buying a home right now may seem like expensive endeavor. But, that doesn’t mean it is not attainable and your homeownership goal is out of reach. It just means as a buyer you need to strategize a bit more to make your homeownership dream a reality. So let’s take a look at what strategies you can do.
You can Get a low-down payment or No Down payment loan Most homebuyers do not have a 20% down payment required to purchase, however, there are many loan programs out there where you may qualify for a loan that allows you to put very little or no down payment at all.
Also, Look into Down Payment Assistance Programs This is different from No Down Payment loans as these are usually programs that help cover some upfront cost of purchasing a home, sometimes with grant assistance depending on what you qualify for.
Also, you can get a Family Down Payment Gift Some buyers have generous family members who are willing to assist with a down payment in the form of a gift. Most lenders can inform you of the rules regarding gift down payment assistance. One of my favorite things to do, obviously depending on the market climate is to ask for the seller to help with a rate buy down, or purchase a rate buy down.
Consider auctions, Short Sales, off market properties and more. Although a lot more work involves the search and purchase, as a buyer keep your mind open about the property you seek out such as REOs, Short Sales, and Fixer Uppers as there may be some cost-saving advantages to these types of properties.
Bottomline is always best to work with an experienced real estate agent and a lender who can show you the different strategies to help make your dream a reality. Reach out to my team and I so we can help strategize your next move.