Available 7 Days/Week       MON - FRI  8am - 7pm       SAT - SUN  10am – 6pm
Call us (888) 259-2257
Apply Now

3 Tips for Buying a Home Today

3 Tips for Buying a Home Today | Simplifying The Market

If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the supply of homes for sale is increasing, giving buyers like you additional options.

But it’s important to keep in mind that while inventory is improving, it’s still a sellers’ market. And that means you need to be prepared as you set out on your home search. Here are three tips for buying the home of your dreams today.

1. Understand How Mortgage Rates Impact Your Homebuying Power

Mortgage rates have increased significantly this year, and over the past few weeks, they’ve been fluctuating quite a bit. It’s important to stay up to date on what’s happening with rates and understand how they can impact your purchasing power when you’re thinking of buying a home. The chart below can help.

Let’s say your budget allows for a monthly mortgage payment in the $2,100-$2,200 range. The green in the chart indicates a payment within or below that range, while the red is a payment that exceeds it.

3 Tips for Buying a Home Today | Simplifying The Market

As the chart shows, even a small change in mortgage rates can have a big impact on your monthly payments. If rates rise, you could exceed your budget unless you pursue a lower home loan amount. If rates fall, your purchasing power may increase, which could give you additional options for your search.

2. Be Open to Exploring Different Options During Your Search

The supply of homes for sale is improving, which gives you more homes to choose from. But historically, supply is still low. That means as you search for homes, if you still don’t find something that meets your needs, it may be worth expanding your search.

A recent article from the Washington Post highlights a few things buyers can consider today. It encourages opening yourself up to more areas. For example, if there’s a location you’ve previously ruled out (like a particular town, for example) it may be worth taking another look.

And if you’re able to, opening your search up to include other housing types, like newly built homes, condominiums, or townhomes can further increase your pool of options. Even as the inventory of homes for sale improves today, finding ways to cast a wider net during your search could help you find a hidden gem.

3. Work with a Local Real Estate Professional for Expert Guidance

Ultimately, you need to be prepared when you set out to buy a home. Jeff Ostrowski, Senior Mortgage Reporter for Bankrate, explains:

“Taking the leap to homeownership can provide a feeling of pride while boosting your long-term financial outlook, if you go in well-prepared and with your eyes open.”

No matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional. If you’re just starting your search, a real estate professional can help you understand your local market and search for available homes. And when it’s time to make an offer, they’ll be an expert advisor and negotiator to help yours stand out above the rest.

Bottom Line

Strategically planning your home search by understanding today’s mortgage rates, casting a wide net, and building a team of experts can be the keys to finding the home of your dreams. To make sure you have expert advice each step of the way, let’s connect.

Content previously posted on Keeping Current Matters

#fidelityhomegroup, #floridamortgage, #floridamortgagerates, #mortgageflorida

   


Copyright © 2022 Fidelity Home Group supports Equal Housing Opportunity | All Right Reserved  | NMLS Identifier 1834853. Fidelity Home Group is not affiliated with the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA). Fidelity Home Group is a Mortgage Corporation serving the state of Florida. Not intended for legal or financial advice, consult your own professionals if such advice is sought. This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties in the state of New York will be accepted through this site. Accessibility Statement  | Consent to Receive Electronic Loan Documents  |  Cookies Policy   |  Disclosures  | Email and Mobile PolicyFair Lending Policy  |  File a Complaint Mortgage Assumptions  |  NMLS Consumer Access  |  Privacy Policy  |  Terms of Use 

florida mortgage, florida mortgage rates, florida mortgage claculator, florida mortgage broker, florida mortgage lender, florida mortgage compamny, mortgage broker near me, mortgage brokers near me, orlando mortgage, orlando mortgage rates, the villages mortgage, the villages mortgage rates, the villages mortgage lender, the villages mortgage broker, naples mortgage, naples mortgage rates, naples mortgage lender, naples mortgage broker, florida keys mortgage, florida keys mortgage rates, florida keys mortrgage lender, florida keys mortgage broker, cape coral mortgage, cape coral mortgage rates, fort myers mortgage, cape coral mortgage lender, cape coral mortgage broker, fort myers mortgage rates, fort mayer mortgage, fort myers mortgage lender, fort myers mortgage broker, sanible island mortgage, sanibel island mortgage rates, sanibel mortgage lender, sanibel mortgage broker, anna maria island mortgage, anna maria island mortgage rates, anna marie mortgage lender, anna maria mortgage broker, clearwater mortgage, clearwater mortgage rates, clearwater mortgage lender, clearwater mortgage broker, bonita springs mortgage, bonita springs mortgage rates, bonita springs mortgage lender, bonita springs mortgage broker, marco island mortgage, marco island mortgage rates, marco island mortgage lender, marco island mortgage broker, st. augustine mortgage, st augustine mortgage rates, st. augustine mortgage lender, st. augustine mortgage broker, st. augustine beach mortgage, st. augustine beach mortgage rates, st. augustine beach mortgage lender, st. augustine beach mortgage broker, tampa Bay mortgage, tampa bay mortgage rates, tampe bay mortgage lender, tampa bay mortgage broker, st. petersburg mortgage, st. petersburg mortgage rates, st. petersburg mortgage lendser, st. petersburg mortgage broker, bradenton mortgage, bradenton mortgage rates, bradenton mortgage lender, bradenton mortgage broker, bradenton beach mortgage, bradenton beach mortgage rates, bradenton beach mortgage lender, brandenton beach mortgage broker, sarasota mortgage, sarasota mortgage rates, sarasota mortgage lender, sarasota mortgage broker, longboat key mortgage, longboat key mortgage rates, long boat key mortgage lender, long boat key mortgage broekr, key west mortgage, key west mortgage rates, key west mortgage broker, key west mortgage lender, key largo mortgage, key largo mortgage rates, key largo mortgage lender, key largo mortgage broker, isalamorada mortgage, islamorada mortgage rates, islamorada mortgage lender, islamorada mortgage broker, big pine key mortgage, big pine key mortgage rates, big pine key mortgage lender, big pine key mortgage broker, marathon fl mortgage, marathon fl mortgage rates, marathon fl mortgage lender, marathon fl mortgage broker, upper keys mortgage, upper keys mortgage rates, upper key mortgage lender, upper keys mortgage broker, lower keys mortgage, lower keys mortgage rates, lower key mortgage lender, lower keys mortgage broker, apalachicola mortgage, apalachicola mortgage rates, apalachicola mortgage lender, apalachicola mortgage broker, st. geoerge island mortgage, st. geoerge mortgage rates, panama city mortgage, st. geoerge island mortgage lender, st. geoerge island mortgage broker, panama city mortgage rates, panama city mortgage, panama city mortgage lender, panama city mortgage broker, panama city beach mortgage, panama city beach mortgage rates, panama city beach mortgage lender, panama city beach mortgage broker,

Fidelity Home Group
4700 Millenia Blvd Suite 175, Orlando, FL 32839

Hours of Operation:

Monday - Friday 8am to 7pm EST
Saturday - Sunday 10am to 6 pm EST