A MARKET UPDATE FROM THE DESK OF TOM HOTTER…
Is the wild ride we’ve all experienced in recent years over…?!? 2023 is certainly proving to bring its own set of challenges. Interest rates have risen and fallen since my last market update and the buying frenzy has somewhat subsided… BUT, home values remain strong and multiple competing offers are still common at certain price points.
So, what does the future look like for the remainder of 2023 and beyond? Here are a few things to consider when discussing market affordability and positioning buyers for the best chance of an accepted offer.
- Buy now… Timing a market for lower interest rates or declining home values is a risky proposition. With aggressive growth rates projected for both population and jobs in the Madison area, today’s home value will most likely be more expensive “tomorrow” than it is “today”.
- Consult a local lender… Local mortgage lenders have a reputation to uphold and can provide clients the availability, flexibility, and creativity needed for each unique situation. Shopping local and supporting area business benefits our community and our local economy alike.
- Review ALL the details… Closing costs matter! Different lenders charge different fees. Uninformed buyers typically pay unnecessary fees, which add to their financial burden at closing. Don’t let your buying clients settle!
- Consider a bank that offers a “Cash Program”… A cash offer to purchase sets your client apart from the competition and dramatically increases the success rate on gaining an accepted offer.
So, what’s the bottom line…
We’re here locally to help navigate the home mortgage process – and since offers and preapprovals go hand-in-hand – we work when you work, including evenings and weekends! Whether it’s a single-family home or condo, a new construction project or an existing home, a second home or investment property, Thompson Kane and Company is ready to assist you and your clients with the traditional loan process or the TK Cash Program. I look forward to connecting soon!
Best wishes for a safe and prosperous rest of 2023!