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Many people fall out of the home buying market when interest rates start to go up. This is often a mistake. Many of the best mortgages deals become available when lenders are competing for new business and sellers are competing within a smaller buyer pool. You just have to know how to keep the costs down in order to counter the higher interest rates.

One of the best tricks is the buy-down. In a buy-down, a fee is paid at the closing to get a lower interest rate. In a soft market, an anxious seller may be lured into to paying all or part of the buy-down. Another approach is to get the seller to pay some of closing costs, thus lowering the amount of cash a buyer needs to close. Frequently the seller's costs can be used as a write-off by the buyer. Always consult with your tax advisor if you are considering such an arrangement.

If the market is softening due to rising or higher rates, the price itself becomes an area where a buyer may be able to save a lot of money on a house through skillful negotiating. Lower prices mean lower loan amounts, so don't be discouraged by higher rates--use them to your advantage.

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Nettleton and Aronheim Group
William Raveis Real Estate
141 Main Street North
Southbury, CT. 06488
Phone: 203-264-1080
Fax: 203-264-6425
Email: ronnettleton@NUMBER1EXPERT.com

Ron Nettleton of William Raveis Real Estate is consistently one of the top real estate agents in the Southbury area receiving numerous awards. Ron has been satisfying clients and customers in sales for over 28 years, giving unparallel service and dedication. He strives for excellence by providing his clients with extensive knowledge and quality of service. Ron's negociation skills, sense of fairness and strong commitment to his clients needs have won him the respect he enjoys.

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