The changing market has placed many buyers in a position where they must do one of two things.
Choice one, change expectations. The day of finding the move in ready home with a discounted price has gone the way of the pay telephone. The home for pennies on the dollar is not to be found in Brevard County, Florida. An honest evaluation of need versus want is required.
Choice two, change the budget. This is an option that may not be as easily changed as one's expectations. If a buyer starts out at the maximum approved level then they have little choice here unless they have the cash to put more down on a purchase.
When considering a home purchase one must be aware of the environment. Where are interest rates going" Last week the 30 year rates increased a half percent. Increasing rates result in decreased purchase power for those obtaining a mortgage.
Add to the equation increasing prices and the longer a buyer waits the less they will be able to purchase.
So, are you ready to buy that house?