Current home buyer trends; realtor advises to either buy now or save up

DELMARVA – With interest rates on the rise, we caught up with a local realtor about current trends and advice on buying a home.

Delaware realtor Tori Lech says demand for homes has gotten higher, but the inventory is still low. She says by March 1st, interest rates will increase with little to no indication of them decreasing any time soon.

That’s why Lech says buying now is your best bet, but if you aren’t able to, saving up is your next best option. “Start the process, start saving any money, even if it’s a dollar a day, just prepare for that possibility of being able to buy,” says Lech. She adds, “I know it can be a little daunting trying to think of how you’re going to do this in such a high demand market but it’s possible, it just takes a little bit of work.”

Meanwhile, for renters, Lech says landlords are either increasing their prices or selling altogether. She says she’s had buyers who call her alerting her they have to be out of their house in 60 to 90 days.

That’s why she said renting isn’t always an issue, but if you choose to rent over buying, you need to be prepared for any possibility in today’s market. “Everyone knows it’s happening right now and it’s not just our goods going to the market and buying fruits and meats and stuff. It’s electricity, utilities are increasing so if your utilities are included in your rent then the landlord has to make up for it somehow,” says Lech. She adds, “Even if you’re like, okay I’m cool with renting, prepare for that situation that maybe what if your landlord wants to sell, have a backup plan.”

Lech adds that home buyers should look to use a local lender versus a rocket mortgage, she says that’s because they will be more knowledgeable about local taxes.

If you’re looking to buy a house but need financial support, Lech also says you should take advantage of programs like the Delaware State Housing Authority.