Simmons Bank Mortgage Loan Originator, Denise White shares her insights for home buyers and sellers during National Housing Month.
As homebuyers navigate the current market and some of the highest interest rates in two decades, what are some options or insights home buyers should keep in mind?
Over the last couple of years, we have seen rates at their lowest in history. While that changed last summer, current rates are more in-line with historical norms. A low supply of housing inventory is one of the challenges, together with rising interest rates. I tell potential buyers to track and assess their monthly debts. Eliminate small unnecessary budget items to give you more buying power when looking for the first or next home. Consider using down payment assistance programs to help with the costs of purchasing a home. Prequalify with your lender before you go house shopping and get a letter of prequalification. Ask your realtor for advice in making a solid offer in a still competitive market.
For those wanting to sell their home, what are some tips for staying competitive in the current market?
This is a seller’s market due to low inventory and values are still strong with many home shoppers. Online photos showing a clean home, shiny surfaces and fresh paint will lure a home shopper to consider looking at your home. When you list with a realtor, ask for their expertise and a market study to know the true current value of your home, based on the recent sale of homes that are similar to yours. When you get an offer, consider the sale proceeds you will receive, the time frame involved, and the strength of the buyer. Many prospective buyers don’t ask for help with closing costs, but some do. Consider the net sales proceeds.
Where should customers go for more information about our current mortgage products?
You can go online at Find a Lender | Simmons Bank to find the nearest Simmons Bank mortgage lender.
What is one of the most important things for homebuyers and sellers to know?
Rates are still good and affordable, and it is still a good time to purchase. When I started in this business rates were around 15%. Anything less than a double-digit interest rate is still a good market. Values are up and continuing to rise and the investment of home ownership is still a good bet. There are many avenues buyers can use to get funds to help with the purchase of their home. To begin your homeownership journey, visit simmonsbank.com.
The views and opinions expressed in this article are those of Denise White and are not endorsed by, and do not necessarily reflect the views of, Simmons Bank. Simmons Bank does not provide tax, accounting or legal advice.