Jonathan W. Spurr NMLS 304969
Over the past several weeks, mortgage rates have continued to creep upward as global uncertainty surrounding the conflict with Iran, oil prices, and inflation concerns continue to impact the bond market.
And while many people hoped rates would improve heading into summer, the reality is that today’s housing market is adapting instead of slowing down.
In fact, the summer buying season is still moving full steam ahead.
What’s changed is the balance of power.
Over the past few years, buyers were competing against multiple offers, waiving inspections, and fighting over extremely limited inventory. Today, we’re seeing something different happen across many parts of the market: inventory is rising, price reductions are becoming more common, and sellers are negotiating again.
That creates opportunity.
Yes, rates are higher than many buyers want. But buyers today are often gaining leverage in ways we haven’t seen in years. More available homes means more choices. Less competition can mean stronger negotiating power. Some sellers are even contributing toward closing costs or helping buyers buy down their interest rate.
The buyers winning in today’s market are not necessarily waiting for perfect conditions. They’re recognizing opportunities where others still see uncertainty.
I continue to remind clients of something important: you can refinance a mortgage later, but you cannot go back and purchase the same house at yesterday’s price.
For current homeowners, this is also a good time to review your mortgage strategy. Even if refinancing does not make sense today, having a plan in place allows you to move quickly when the market shifts.
All I need is a copy of your most recent mortgage statement. From there, I can review your current situation, discuss refinance or purchase options, and help you build a strategy for both today’s market and future opportunities.
In a market like this, preparation matters more than prediction.