Are mortgage rates giving buyers an opportunity to get back in the market?
Mortgage rates stayed down after a record drop after positive CPI data on inflation on Friday. Is this an opportunity for homebuyers that stayed on the sidelines to get back in the market? It’s definitely possible that this is a potential re-entry point for home shoppers that felt priced out of the market.
If you’re looking to lock in a mortgage rate under 7%, this is a good opportunity to do so.
Is it possible to sell a home during a market slowdown?
It’s possible to sell a home in any type of market, but a slowdown can definitely add a sense of frustration that isn’t there when the housing market is hot. Realtor.com details a few strategies that homeowners may want to look into if they need to sell a home when market conditions aren’t ideal.
Suggestions offered included providing buyers with an interest rate buydown, including a new big ticket item like a roof or a furnace before the sale, carefully reducing prices to meet demand, or making unique offers like throwing in solar panels or a new TV. You might have to get a little creative to get your property sold, but it’s still doable in a housing market slowdown.
How is commercial real estate doing in the current environment?
While residential housing get the majority of the attention, the commercial real estate industry has been struggling a lot worse for a lot longer. Commercial real estate started to rebound earlier this year, but higher interest rates have limited the recovery. Commercial property prices have dropped by 13% from their peak levels in 2022, and prices were down 7.3% in October alone.
Investors that are looking to buy at the bottom of the market have been sniffing around available commercial properties. In fact, commercial properties with beaten up values may become an attractive option for companies or individuals who want to take advantage of a down economy.
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
