One HUGE Mistake to Avoid When Getting Your Real Estate License
Most people looking for info on how to become a real estate agent are just wanting to learn how to get licensed and, ultimately, “hired”
If you’re either in the process of buying a house, or thinking of jumping into the market, you’re probably well aware that rates have jumped significantly in recent weeks. And that likely doesn’t feel or sound like anything good to you.
But what you might not be well aware of is that, according to Chair of the Federal Reserve, Jerome Powell, raising interest rates is actually being done (at least in part) for the good of home buyers.
With rates nearly double what they were not too long ago, you may be wondering where on earth the silver lining is. This Fortune article keys in on three things Powell is hoping the Fed’s actions will do for real estate buyers. Here’s a quick summary and how it can help you in your home search:
The Takeaway:
While this certainly isn’t great news for every buyer in the market, it can be for you. The rate hikes will edge some buyers out of the market, but those who are qualified and in a position to buy at the higher rates will ideally benefit from lower competition and more homes to choose from at a less frenzied pace.
Prices may not take a steep dive, which some buyers may be hoping for, but that can be a good thing if you already own a home anyway, and want to use the equity you’ve gained by using it to buy a bigger home, or downsize and pocket some of your gains.
On the other hand, if you are hoping for prices to fall, they will at least likely stop rising so much and so fast, and may even take a dip if your market is overvalued. So there is hope for that. Just be ready and in a position to pounce if they do, because inventory is still low, and competition is always fierce for well-priced houses, regardless of what rates are doing.
And lastly, even if you buy at a higher mortgage rate right now, know that the Fed wants to lower rates in the near future, so you can always refinance when they do.
So, even though it may not seem like the Fed raising rates is a good thing for you, it can be if you understand what they’re trying to do and are in a position to take advantage of the lower competition and increased inventory they’re hoping to create by doing so.
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Most people looking for info on how to become a real estate agent are just wanting to learn how to get licensed and, ultimately, “hired”
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