the downside to lower rates

We all remember the incredible mortgage rates of 2020 and 2021. What’s easy to forget is what buyers often had to endure to get a home:

• Competing against 10–20 offers
• Paying 10% or more over asking price
• Receiving little or nothing in seller concessions
• Waiving inspection and appraisal contingencies
• Making rushed decisions with very little negotiating power

Today, mortgage rates may be around 7%, but buyers have advantages that were almost nonexistent during the pandemic market.

There is generally less competition, fewer bidding wars, more room to negotiate the sales price, and a much better chance of receiving seller concessions. Those concessions can often be used for closing costs, a temporary rate buydown, or even a permanent reduction in the interest rate.

A higher headline rate doesn’t automatically mean it’s a worse time to buy. The purchase price, competition, concessions, loan structure, and monthly payment all matter—and today’s market gives buyers far more flexibility to put those pieces together creatively.  And we are all about creative structuring at Otter Mortgage!

Don’t wait for the market you remember. Take advantage of the opportunities available TODAY.

If you’re considering buying, let’s talk about how the Otter Mortgage Team can help structure the financing—and negotiate the opportunity—around your specific goals.

Todd Sevier | Otter Mortgage Team | Charleston SC
Director of Joy

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