3 Creative Ways Buyers Are Snagging Homes
Hey there, fabulous home seekers and savvy investors! The real estate market is always buzzing with excitement, and despite the ups and downs, buyers are getting more creative than ever. If you’re wondering how folks are making their dream of homeownership a reality in today’s market, read on. Here are three ingenious ways buyers are stepping up their game:
1. 3-2-1 or 2-1 Buy Downs
While the post covid real estate market was absolutely crazy we sure do miss those interest rates! Well imagine being about to get close to those numbers in today’s market where the average interest rate is around 7%! A buydown is basically where the seller contributes money to buy down the buyers interest rate and it will increase by one point over 3 years each year.
For example, you could get an interest rate in the 5s your first year, it’ll go up to 6% in the next year and then 7% the following year. To learn more about it, click HERE!
2. Construction Loans
Patience (and creativity) is a virtue. A 203k loan or a Construction loan, is a great way to get into a home and be able to make it your own. These loans take a little longer than your typical 30 day home purchase but with a little elbow grease and a good contractor, you’ll be the go-to spot for game night in no time! Take a look at some of the pros and cons of a 203k loan.
3. Leveraging Co-Buying
Two heads (and wallets) are better than one! Friends, family, or even like-minded investors are joining forces to buy property together. Co-buying allows buyers to pool resources, split costs, and tackle the market as a team. It’s like forming a superhero squad with the mission of conquering the real estate world. We had a client do this and was able to get the home she really wanted rather than just the home she could afford.
So there you have it—three smart, savvy, and slightly unconventional ways buyers are getting their foot in the door (literally). And don’t forget 203k loans or construction loans. This is the opportunity The market might be unpredictable, but with a bit of creativity and teamwork, your dream home is within reach. Happy house hunting!