Feeling Stuck in Atlanta's Housing Market?
Are you an Atlanta-based homebuyer feeling trapped by the current housing market? You're not alone. According to a Point survey, over half of homeowners express a desire to move, yet only a small percentage believe they can do so within their desired timeframe. Factors such as high home prices and mortgage rates contribute to this feeling of being 'stuck.'
Understanding the Factors
- Affordability Crisis: High mortgage rates and soaring home prices create an affordability spiral, making it challenging for homeowners to comfortably enter the market or list their homes for sale. This scarcity further intensifies the market, affecting both buyers and sellers.
- Market Trends: The recent trends show that about 90% of mortgage holders currently enjoy rates below 6%, with the majority below 5%. However, hopes for a significant drop in rates seem uncertain.
Hope Amidst Market Changes?
- Potential Moves: Over 89% of homeowners are willing to consider a move if mortgage rates drop below 6%, according to the Point survey. Unfortunately, experts anticipate that mortgage rates will likely stay higher due to anticipated Fed interest rate hikes.
- Rate Predictions: Forecasts from industry experts like Fannie Mae suggest that mortgage rates are poised to remain in the 6% to 7% range as long as the Federal Reserve maintains its interest rate hikes.
Strategies for Navigating the Market
- 1% Down Program: Consider leveraging programs like the 1% Down Program (partnered with preferred lender Daniel) to explore affordable buying options in this market.
- Assumable Loan Option: Explore the possibility of assumable loans, a beneficial option for some, especially with certain loan types like FHA, VA, or USDA.
- 3-2-1 Buydown: This strategy involves temporarily reducing the interest rate on a mortgage, offering financial relief for the initial years of homeownership.
Navigating the complexities of Atlanta's housing market might seem challenging, but with strategic approaches like the 1% Down Program, exploring assumable loans, and considering buy-down options, there are avenues to explore for achieving a lower interest rate when buying a home. We here at Goad Home Partners are experts in navigating these obstacles and getting your home sold at top dollar and getting into your ideal home situation in Cobb and Cherokee County, GA.
To watch our entire video on this, check it out on YouTube here. How To Get A Lower Interest Rate on Your Mortgage When Buying A Home in Georgia
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