3% down, softening market provide opportunity for buyers

Mortgage advisor: Dominique Stevens.

Property type: Single-family home in Concord.

Loan amount: $582,000.

Purchase price: $600,000.

Interest rate: 5.5%.

Loan type: Conventional Home Possible Loan.

Backstory: As the interest rates have risen, buyer confidence has cooled somewhat in our laser hot housing market.

Our couple had been looking to buy a home in Concord for the past three years. After being outbid several times and seeing the housing prices quickly rise, our couple decided to step aside from a home purchase and continue renting for the time being.

Now that interest rates are higher, many potential buyers are waiting things out to see what happens in the market. This provides a great time to strike.

Our couple decided to take a look again, and came across a charming three-bedroom, three-bathroom house in

Concord. Listed at $600,000 it was well within the reach of their budget. It was in the same school district, so their kids

» “Our couple had been looking to buy a home in Concord for the past three years. After being outbid several times and seeing the housing prices quickly rise, our couple decided to step aside from a home purchase and continue renting for the time being. Now that interest rates are higher, many potential buyers are waiting things out to see what happens in the market. This provides a great time to strike. Our couple decided to take a look again, and came across a charming three-bedroom, three-bathroom house in Concord. Listed at $600,000 it was well within the reach of their budget.”

would be able to remain in place with friends and academics.

They decided this time to take advantage of the softening market and make an offer at listing price. Unheard of year ago, when homes were going for well over the asking price. Many sellers are motivated to strike a deal to get their homes sold. This seller was willing to contribute funds to buy down the interest rate for our couple.

With their underwritten pre-approval in hand, our buyers were able make a solid offer and win the deal purchasing their home with only 3% down payment.

Our team obtained the “clear to close” three days after receiving the appraisal report and we closed the escrow in 20 days.