The Roseburg real estate market isn’t the same as it was at the beginning of the year.
Since mortgage rates have reached an all-time high of close to 7%, interest rates have shot up too. As a result, most buyers have paused to reevaluate their financial situation. This volatility in the real estate market makes it almost impossible to predict where home prices will go, but the experienced brokers at G Stiles believe there are always ways to ensure you enter the buyer’s market in the best financial position.
Is buying a property in the current Roseburg real estate market a good idea? Keep reading to find out!
Cooling Market Equals Lesser Competition
As mortgage values increase, home sales have fallen by almost 19%. Real estate investors have begun to exit because they would be interested only when prices hit rock bottom and give them maximum profit. When investors leave, there is less competition for individuals who hope to become homeowners in Roseburg, and Douglas County, Oregon.
Buyers Have More Choices
No more making decisions in a hurry because of other buyers waiting to grab a house. The total number of homes that were up for sale increased by 4.2% this year. Buyers can benefit from the relative lack of competition. Now, G Stiles is seeing that buyers get a chance to gauge their options carefully and need not hurry their decisions. It also gives buyers enough time to analyze the financial implications of their offer.
If you are lucky, you can even get a good deal when houses are on the market for a longer time – there may be absolutely no problem with the house, it just all about timing. In some cases, buyers might be able to benefit from the cooling market.
G Stiles advice: One of the most important factors to consider when looking for the perfect property in the Roseburg real estate market is whether you are ready to buy a home. Regardless of the market situation, your ability to enter the buyers market depends on your financial situation, goals, and readiness to become a homeowner. Here are some tips that will help make you an anytime home buyer!
Set a Clear Budget
Setting a clear budget requires you to grasp your current financial situation and understand how much you can truly put into buying a home. G Stiles suggests taking some time to consider your current expenses, income, taxes and insurance, and home-buying transaction expenses such loan appraisals and closing costs. It is also important to consider ongoing maintenance and repairs which comes along with homeownership.
Try to Improve Your Credit Score
Homebuyers with higher credit scores get lower interest rates and can qualify for better loans. G Stiles suggests before you jump into the current Roseburg real estate market, check your current credit score and make changes to your financial habits if required. Paying bills on time and clearing a high credit card debt will help you improve your credit scores.
Plan For Down Payment
The bigger the down payment, the smaller the loan you need to take. A bigger down payment can sometimes help you get better mortgage rates too. Apart from the down payment, you might also have to keep an emergency fund ready for unplanned expenses.
Buying a home in the current Roseburg real estate market requires a lot of planning and involves numerous procedures. Seeking the help of real estate brokers like the team at G Stiles Realty can ease the process to a great extent. G Stiles brokers can also help you find the perfect dream home in a short span of time.
Contact us G Stiles Realty for a positive home-buying experience.