What Should You Ask a Buyer's Agent Before Hiring Them?

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Are you thinking of hiring a buyer's agent? If so, there are questions you should ask to ensure you hire somebody you can trust. Here are a few to keep in mind:

• Are you a full-time agent?
• Do you work exclusively with buyers?
• Do you have a team behind you?
• Do you have testimonials from past clients?
• Do you do a comprehensive buyer consultation?

These are all very important questions you should know the answer to, especially the last one. A comprehensive buyer consultation is a very important part of the buying process because it provides an opportunity for the agent and client to go over the client's wants and needs, set expectations for the process, and answer any questions they might have.

If you have any questions about the buying process, or if you would like to talk to one of our great buyer's agents, don't hesitate to reach out to us for a free consultation. We're always available to give you a hand!

How Interest Rates Affect Affordability

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Today, we'll discuss the effect of interest rates on home purchasing. Lately, there has been a lot of talk about the Fed raising interest rates. Bad economic news and the stock market tumble led most experts to believe that the Fed would hold off on raising rates. 

With the unemployment rate at the lowest it's been in 7 years, the Fed decided to hold steady on rates. However, they did say that they will raise the rates by the end of the year. What do higher rates mean for you? 

Really, there are 3 factors that affect affordability: income, interest rates, and home prices. Consider this: a 1% increase in interest rates is the same as a 10% increase in the price of a home. A rise in rates will shrink the buyer pool, as they will not be able to afford as much home as they could now with the low rates. 

So, take advantage of those low rates now. If you're a seller, this is a great idea particularly if you are moving up. You will net the most money. As a buyer, you will be able to afford a higher-priced home with these low rates.

If you have any questions about today's video or about real estate in general, give me a call or send me an email. We look forward to hearing from you!