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Real Estate Tips

Financing Your Home >When Interest Rates Rise

Many people fall out of the home buying market when interest rates start to go up. This is often a mistake. Many of the best mortgages deals become available when lenders are competing for new business and sellers are competing within a smaller buyer pool. You just have to know how to keep the costs down in order to counter the higher interest rates.

One of the best tricks is the buy-down. In a buy-down, a fee is paid at the closing to get a lower interest rate. In a soft market, an anxious seller may be lured into to paying all or part of the buy-down. Another approach is to get the seller to pay some of closing costs, thus lowering the amount of cash a buyer needs to close. Frequently the seller's costs can be used as a write-off by the buyer. Always consult with your tax advisor if you are considering such an arrangement.

If the market is softening due to rising or higher rates, the price itself becomes an area where a buyer may be able to save a lot of money on a house through skillful negotiating. Lower prices mean lower loan amounts, so don't be discouraged by higher rates--use them to your advantage.

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Real Estate Trivia

Q 
What are considered the ideal conditions for a seller's market?

A 
In a seller's market, prices are firm and good houses are sold before advertised or as soon as they show up in the MLS.
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Carol Gilles, REALTOR®, real estate agent and broker for Torrance, California home listings, property and land for sale - NUMBER1EXPERT

Carol Gilles
The Real Estate Group

3480 Torrance Bl # 100
Torrance, CA. 90503
CA DRE# 00803846
Cell: 310-864-9738
Fax: 310-534-4436
Email: carol@carolgilles.com

Carol Gilles has been in real estate in the South Bay area since 1979. She has been awarded Top Producing Agent seven years, and is a multi-million dollar producer. She guides all her clients through all of their real estate need with exceptional experience and professionalism. Carol Gilles is America's NUMBER1EXPERT™ in real estate for the Torrance area. So contact her today! DRE# 00803846

GRI


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