Looking to buy a house? Follow these 7 tips to ensure you get the best deal, according to economists at Redfin
. Redfin economists don't see a large crash ahead, and firms like Goldman Sachs and Morgan Stanley share that assessment, saying home prices on a national basis will fall by 10% or less. Economists at places like Interactive Brokers and the American Enterprise Institute, however, see larger declines ahead. From June to December, home prices fell 4.4% on a national basis, though prices in markets like San Francisco and Phoenix have fallen much further.
Considering how high mortgage rates are, a rate buydown is a concession that could help shoppers buy themselves some time for rates to fall. One example of how this could be structured is a 2-1 buydown, Zhao said. This means the seller effectively reduces the mortgage rate by 2% the first year and 1% the second year by paying the buyer the equivalent of that sum in cash. If rates are then lower in a couple of years or sooner, the buyer can then refinance to a lower rate.
"Because so few people are listing their homes, you want to be one of the first to know about everything that hits the market in your desired neighborhood," Fairweather said., given the construction boom over the last few years followed by a sudden drop in demand. "Builders are in a tough position because they have a lot of new homes to sell at a time when few people are buying," she said."As a result, many are willing to negotiate on nearly everything and provide concessions to buyers, such as throwing in freebies like countertop upgrades."Sixth — for people who happen to be homeowners already — is to, Zhao said.
One counterpoint to this is that home values just about everywhere have also climbed since the start of the pandemic. One strategy to think about that's common among real-estate investors is to pull out enough equity in your home to fund the down payment on another home, and then r
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