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Many people fall out of the home buying market when interest rates start to go up. This is often a mistake. Many of the best mortgages deals become available when lenders are competing for new business and sellers are competing within a smaller buyer pool. You just have to know how to keep the costs down in order to counter the higher interest rates.

One of the best tricks is the buy-down. In a buy-down, a fee is paid at the closing to get a lower interest rate. In a soft market, an anxious seller may be lured into to paying all or part of the buy-down. Another approach is to get the seller to pay some of closing costs, thus lowering the amount of cash a buyer needs to close. Frequently the seller's costs can be used as a write-off by the buyer. Always consult with your tax advisor if you are considering such an arrangement.

If the market is softening due to rising or higher rates, the price itself becomes an area where a buyer may be able to save a lot of money on a house through skillful negotiating. Lower prices mean lower loan amounts, so don't be discouraged by higher rates--use them to your advantage.

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Cheryl Rellstab
Keller Williams Realty Nevada County
101 Mill St
Grass Valley, CA 94945
Main Number: 530-274-2727
Fax: 530-274-1438
CherylRellstab@NUMBER1EXPERT.com
cheryl@cherylr.com

Cheryl Rellstab has been involved in Nevada County real estate since 1984. Her background consisted of building fine homes for clients, purchasing property & building spec houses. Cheryl believes the most important contributions she can give to her clients is to listen to their needs and advise & guide them through the process. 2004 & 2005 were record years for Cheryl w/ 40 million & 44 million in sales, consecutively. Cheryl is an owner of the Keller Williams franchise in Nevada County. She was the top individual producing agent in the Keller Williams Northern California & Hawaii Region for 2005 - 2007 out of nearly 4000 agents & received national recognition at the Keller Williams convention for her achievement for each year. Her network base allows her to keep her finger on the pulse of new development in the local real estate area. In our fast-changing market, insight into current trends gives her an advantage. This is important because in real estate as in life, timing is everything!

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