December 7, 2022
As 2022 is coming to a close and 2023 is beginning, the property buying market within the United States faces many tough challenges. In the past few months, we have noticed fewer bidding wars as the intense property competition has subsided. However, steep prices, high mortgage rates, and a shortage of homes available still loom over home buyers across the country. With those factors in mind, the market today has the potential to be great for those interested in purchasing a property but not as great for those that are interested in borrowing.
Here are 4 tips for buying a multifamily property in the current market:
1. Don’t Avoid it
Mortgage rates have been on the rise for the past year and while the loan may cost you a little bit more than in years past, it is a good time to purchase a home. Some experts predict a recession that will cause housing values to dip. If this does occur, as a new home buyer you will have less to worry about.
2. Get Preapproved for a Mortgage
Getting in contact with a mortgage lender as soon as possible in your home-buying journey offers you many advantages. Shopping around for the best fit for you and your home-buying needs allows you to find the perfect situation for you.
3. Work with Trusted Professionals
Buying a home is a long, time-consuming, and financially straining process and you want to ensure that you are partnering with a trusted realtor in your area. Working with a trusted realtor will give you a strong sense of the condition of the market in your local area more than any publication available. Having a sense of the market in your area will give you an inside look at what the current market looks like. If you are looking for a trusted multifamily realtor in the Tampa, FL, and Sarasota, FL areas, the Multifamily Firm would be happy to assist you in your multifamily property journey. We are a premier investment real estate brokerage that focuses exclusively on the disposition and acquisition of multifamily properties. Contact us today for more information on how we can help you find your dream property.
4. Know What You Want and What You Can Offer
Before you begin shopping in the market, be aware of what the maximum offer you are willing and able to make is. Also, note the terms that you are willing to negotiate and how you are going to structure the offer. It is also important to know what you want and what you can and cannot live without. By doing so you will be able to make up your mind quickly which will more than likely allow you to get more for less.
Contact Us Today!
The Multifamily Firm is a premier investment real estate brokerage exclusively focused on the disposition & acquisition of multifamily properties. Based in Sarasota and Tampa, Florida, the firm is strongly positioned at the epicenter of economic growth and activity on the West Coast of Florida. If you are looking for a multifamily property please feel free to contact us via our contact form or by calling us directly at 941-444-6160. We look forward to speaking with you soon!