![]() The latter, called a buy-down, works by temporarily lowering a buyer’s mortgage rates typically for the first two or three years of their mortgage loan,” Trapasso said.īut if you want to negotiate, you should be prepared to either not get what you want or even lose out on the house entirely. If they’re not willing to lower the price, they may contribute to a buyer’s closing costs, make expensive repairs, or even buy down the mortgage interest rate of the buyer. “If a property has been sitting on the market for a while, the sellers may be more amenable to a lowball offer. ![]() ![]() Here are her four surprising tips that may help you get into the home of your dreams for significantly less. We asked Clare Trapasso, the executive news editor of, for advice on how people can save money when looking to buy a home. With low inventory expected to continue through the next year, home prices may still be relatively high. So, before you take the leap, you should probably investigate ways to cut costs. See: 3 Things You Must Do When Your Savings Reach $50,000 Housing Market 2023: Is a Double-Digit Drop in Prices Coming? It is likely the largest transaction you have ever completed and will put you in debt for the next 15 to 30 years. Purchasing real estate can be tricky, particularly if you are a first-time buyer. With winter in the rearview mirror and the traditional hot housing markets of spring and summer fast approaching, many potential buyers may be wondering how to get the best deal on their next home.
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