Mortgage rates are rising, what first time home buyers should do

DELMARVA. – Mortgage rates have taken a recent dip, and the real estate market in the Delmarva region has been picking up. eXp Realty Agent Marco Smith said the market is constantly changing.

“Earlier in the year, we saw a dip in rates, most government-backed loans will come in at 6.5 and 7% in that range. Most of your conventional loans will come in at 7 and 7.5%, especially with the minimum down payment.”

Real estate officials believe this trend will persist and expect more activity in the upcoming months. Smith said these fluctuations are worrying, current market conditions are deterring potential buyers.

“With the rates and prices where they are, people are reluctant to get into the market. I understand that, where the market has been in the past, it can seem like this is a high point to get in.”

Currently on Delmarva, the average home ranges from $250,000 to 275,000. These rates are below the national average. These trends have caused people from metropolitan areas like Washington, DC, and Baltimore to move to the Eastern Shore.

“The Eastern Shore is experiencing population growth, but local purchases of properties valued above $500,000 are stagnant.”

Smith suggests first-time home buyers find an agent that can guide them. “Sometimes bigger is not always better. Many people are looking for a smaller home, so their not house poor, and so they can afford to go on vacation, and not be strapped inside their house.”

For more information, you can visit here.