Is the sky falling in real estate? We break down the interest rate worries and buying concerns people are having with ABQ real estate and what to do next!
NM Homies Real Estate – Helping you buy and sell in ABQ, New Mexico
Don’t get us wrong… we understand that when interest rates rise so does anxiety in the home buying process. The truth is, interest rates have risen but we aren’t in uncharted territory 🚢 We have been here before, survived, thrived, and we will do it again! The interest rates do diminish buying power on some level. However, it’s often less impactful than we build it up to be in our minds. Here are your next steps if you are worried about buying a home in Albuquerque, New Mexico.
#1. Get with your real estate agent:
Get with your real estate agent and your mortgage lender to verify your buying power, and selling options, and get a solid plan together. With the market changing it’s most important to keep in contact and in strong communication with these people to get updates on how all these changes affect you and the process you might be in buying or selling!
#2. Take another look at your budget:
The increase in interest rates does diminish buying power on some level as you have to take into consideration how it increases the end price of your monthly mortgage. But if you are keeping an eye on your budget and are clear with your real estate agent and mortgage lender, you can all look at the budget to revamp your price range.
#3. Update your wants and needs:
Whether you are buying your first home or selling to buy your second, it’s important as the market updates that you update the non-negotiables in your next home. Things like location, size, and school district are things that you can’t really change so doubling down on these is beneficial. Nixing some of the cosmetic things on your list will help you narrow down your search and find homes that are really meant for you in this challenging time in the market!
Sooo….. the upshoot?
Even though you may have to take another look at your budget, wants, needs, and areas, buying a house is still a good choice in general terms. And just because interest rates are creeping up, it does not mean that your next house is totally out of the question for you!
Get with your real estate agent to talk all of this through! NMHomies has experienced agents and an experienced team and we’ve seen these changes before. We can correctly guide you to making the right moves for YOU.
There is more as well! Give us a call and let’s see how we can help you buy your next home!