Today we asked our friends at Highland Mortgage what they are seeing in the market.
With rising interest rates, low inventory and rising prices, the market has been daunting for buyers recently. But, Laura Witte, Mortgage Banker at Highland Mortgage says, “I’m starting to see less buyer fatigue and more contracts. People seem excited to buy before rates go up further”. While it’s true a lot of buyers and agents are having burnout, Witte reminds us to take breaks, take deep breaths and practice self care!
Here are a few quick tips for agents agents in this market:
- If a buyer is looking at a price range of $650k she suggests that they look at $550-600k. Most listings are still going over asking price — if buyers look in a lower price point, they will be in a good position to make a competitive offer above the list price.
- Second homes now have similar loan terms as investment properties. So, Witte advises buyers to consider purchasing as an investment. Why? Buyers can generally qualify for more using rental comps to offset the payment. And, then they can legally rent it out when they aren’t using it.
- Highland Mortgage has quick appraisal turnaround in most areas. Often 5 days, sometimes sooner. How can they do that? Call, text or email Laura to find out more!
Remember, it’s always a good idea to encourage buyers to use a local lender with a knowledgeable Loan Officer to get the deal done. This market has enough challenges for buyers without getting caught with a lender who won’t be there when things go sideways.
Laura Sosa-Rocha Witte
Mortgage Banker, Highland Mortgage
664 Seminole Ave NE, #101
Atlanta, GA 30307