As most of you are aware, mortgage rates are climbing, so now what Buyers? While some of you may see this as a threat to your buying position, me being a glass-half-full kind of girl, I see this as an opportunity. Let me tell you how….. 1. Less competition—Who all remembers the bidding wars? Well, the higher interest rates creates a reason for potential buyers to bow out. That means that many homes will see less offers and will likely see less bidding wars driving the prices up. 2. More favorable conditions—With high competition on most houses buyers were forced to get creative to make their offer stand out, including sacrificing conditions like inspections, appraisal gaps, close periods, leasebacks, closing costs, etc. Less competition means that buyers might not have to compromise some of these conditions going forward. 3. Stronger negotiation stance—Finally, less competition is great for buyers because they have a stronger position in their negotiations if there is less competition. Some of the potential lower costs to close might even be offset some of the additional costs of higher rates for you personally, meaning it can still be affordable to buy if it is within your budget. (Past: low interest rate/lower monthly & higher cost to close; Now: higher interest rate/higher monthly & lower cost to close.) If you are interested in buying consult your mortgage broker to get pre-approved first and establish your budget, then come and talk to your favorite Realtor. 😉🏡💙 #usearealtor #housingmarketupdates #homebuying #buyingokc #buyingaz #buyingandselling #buywithabr #buywithmrp #realtortips https://www.instagram.com/p/CgkMnT2gONw/?igshid=NGJjMDIxMWI=