Local real estate agent has tips for prospective homebuyers in volatile market
Local real estate agent, Christine Finch Oleynick of Keller Williams Prestige Properties, says the price of Connecticut homes and mortgages rates is continuing to go up with no sign of stopping -- at least for another year, but there are ways to get the edge when shopping around.
Oleynick says a lack of supply of properties is the major factor behind the spike in both the cost of homes and the price of a mortgage.
"Last year, somebody with a 30-year fixed mortgage on a $500,000 home was paying about $2,000 and now at 5.1% they're paying $2,700. That's a $700 increase," Oleynick says.
Oleynick says she advises her buyers to start looking at homes, 10-20% under their highest budget, so that way they can put in competitive offers.
"Think about waiving the mortgage contingency, inspection contingency and appraisal contingency. It doesn't mean I'm saying don't do an inspection,” Oleynick says. "We still recommend doing an inspection, just waiving it as a contingency."