Navigating A Changing Market
Now Is A Great Time To Buy Investment Property
With the shift in the market, we are seeing a golden opportunity to find deals publicly listed on the MLS. For the last few years, investors sought “off-market” deals that presented discounts they were unable to find on the market. With inventory increasing over 100% since this time last year, there is plenty of good buying opportunities on the market right now.
The long-term outlook for Treasure Valley real estate remains strong. As we enter a balanced market, now is the time to keep your eyes out for good deals on the market that have been unavailable for the last several years. Whether you’re a seasoned real estate investor or you’re interested in getting started, our team is happy to help you. Let’s talk today about taking advantage of some of these great opportunities.
Interest Rate Buydowns
Another new development for buyers that we are starting to see is sellers giving a credit at closing to buy down the interest rate. With the Fed continuing to raise the interest rates in order to curb inflation, buyers are being cautious about locking in interest rates above 7% and incurring an expensive monthly mortgage payment.
Did you know that many lenders offer buydowns to make your mortgage payment more affordable? By paying money upfront, you can lower the interest rate on your mortgage. Even better, in recent months our team has negotiated on behalf of our buyers to have the sellers pay for the interest rate buydown via a credit at closing. This is a useful strategy to lock in a lower interest rate and lower your monthly payment.
Adjusting Seller Expectations
As the market becomes more balanced and record-breaking prices trend back to normal levels, sellers reading these headlines are easily overwhelmed by the doom and gloom. The reality is that in Boise and the surrounding areas, homes are being bought and sold every day.
In October, our team sold an Eagle property that was a record-breaking price for the area. We have seen our sales numbers remain strong throughout the year despite growing concerns about the market. The fundamentals that fueled the Boise’s area growth including the quality of life and affordability have not changed. With news like the Micron expansion, we expect to see Boise’s growth continue for years to come.
For sellers, it is now more important than ever to work with a qualified and experienced real estate agent to help guide them through the process. By working with a team of professionals like McFerrin Real Estate, sellers are able to make informed decisions regarding the best pricing strategy to sell their home and lean on top-tier staging and marketing to ensure their house stands out against the competition.
