Mortgage Rates Affect Springfield Real Estate

Throughout the country, home sales hit a 10-month low point recently as experts point out buyers are feeling the sting of higher mortgage rates. For people eyeing real estate in Springfield, it’s still a great time to buy.

Working with a Realtor

By working with an experienced Springfield, MO, Realtor, it’s possible to find the perfect home even in tough economic environments. After the presidential election, economists did predict interest rates would rise. A higher interest rate often means home buyers get less home for their money. However, there are ways to maximize your success when buying real estate in Springfield.

Consider a home with less square footage

You can often get a less expensive home if you buy one with less square footage. Consider whether you truly need four or five bedrooms. Depending on the size of your family, you could do well with three bedrooms. Your Realtor helps you find flexible spaces such as homes with desirable basements that are already finished or could be finished down the road as your family grows.

Finding the closeout deals

If you want a new construction home, you can often save money by buying into communities that are essentially built out. Other ways to save money on a newer home is by making an offer on a home that is less than 5 years old. The most expensive real estate deals include new construction homes on premium lots with special views or more acreage. Consider your priorities when looking at homes with your Realtor.

Sitting down with a lender

With mortgage rates on the rise, it’s more important than ever to spend time crunching the numbers with a mortgage lender. Find out whether your mortgage lender will lock in at lower interest rate for at least 30 days. With the help of Springfield real estate agents, you can get into an ideal home before another interest rate increase.

At Realty Executives by Realty Choice, we show newcomers to Springfield as well as longtime residents beautiful starter homes, executive houses and interesting architectural gems in the area. For more information about real estate trends in Springfield, please contact us.