While conditions may be teetering between a buyer and sellers housing market, most of 2020 is expected to remain solidly in sellers’ favor. Despite the challenges home buyers may face giving current rising home prices and limited inventory, there are steps that active house hunters can take to overcome these obstacles.
A Zillow report says that all buyers should begin by knowing their credit worthiness. Having a solid borrower profile can open creative financing options that can help buyers obtain an affordable mortgage.
Experienced real estate agents also recommend that home buyers be flexible as much as possible. This includes compromising on some features of a home or specific neighborhood which can help buyers land a suitable home at a less price point.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.