
4 Creative Ways to Land Your First Real Estate Listing
Listing your first house can take some time when you get into real estate. And we’re not talkin’ just weeks or months—it can take years!
You’re probably well aware that mortgage rates are rising. At the same time, home prices don’t seem to be coming down, there’s still a ton of competition, and you’re probably no stranger to bidding wars when you make an offer on a house.
So you might be searching for a way to maintain the buying power you had when rates were a little lower, or just a competitive edge so you can offer a little more for the houses you bid on.
Which means you’ve probably been reading or hearing about adjustable rate mortgages making a comeback.
They haven’t been getting much attention for quite some time. The 30-year fixed rate mortgage has been so historically low, they haven’t been all that necessary to consider. But with the mix of rates going up, low inventory, and stiff competition, buyers are sizing them up as an option.
The last time they were popular was prior to the real estate market bubble bursting in 2007. Leading up to it, people were taking on riskier mortgages just to be able to afford a house. So you wouldn’t be out of line to stop and wonder if taking an adjustable rate mortgage could lead to trouble.
A difference is, back in 2007 and the years leading up to it, banks had been lax in their lending standards, and much of the market was affected by what is known as “subprime” mortgages. To put it simply, they were risky mortgages given to people who probably weren’t going to be able to afford the loans they were taking on. It wasn’t adjustable rate mortgages that were the actual problem, so much as it was careless lenders giving many different types of risky mortgages to people who just weren’t qualified.
The truth is, an adjustable rate mortgage can lead to trouble. But, it can also be a smart choice.
If you decide to apply for an adjustable rate mortgage, ideally your mortgage rep and underwriters will properly assess your situation and advise you as to whether or not you should go that route. But the reality is, you need to go into it eyes wide open and think for yourself as well. So here are some things to consider and help you decide if an adjustable rate mortgage is a smart choice for you:
The Takeaway:
An adjustable rate mortgage may be the right choice to help lower your monthly payments, help maintain your buying power amidst rising rates, and / or give you a competitive edge against other offers. They can be risky, but they can also be the perfect choice for you if you know what you’re getting into and weigh the risks versus the advantages. Just make sure to give it a good amount of thought before signing on the dotted line.
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Listing your first house can take some time when you get into real estate. And we’re not talkin’ just weeks or months—it can take years!
This article was published on April 5, 2013 by Amy Curtis and is being republished with her permission. With the spring market underway, my days
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