“Marry the house, date the rate” means finding a home you love and not letting the current interest rates deter you from getting the house of your dreams.
The slogan has become a popular unofficial Slogan for real estate agents in every real estate market. The saying has become a go-by response to the daily rise in mortgage rates usually caused by inflation and historic lows. In the long run, it could lead to credibility and trustworthiness issues among your clients and real estate associates since we are talking about people’s resources like money and time.
Intelligent and smart homeowners
Intelligent and smart homeowners always come up with the most suitable financing opportunity, making a move when the time is ripe. On this note, you can adjust your financing options to better terms later, should the rates change due to inflation and economic indifferences like supply and demand chains. And if the mortgage rates worsen over time, you will be glad you married the house when the opportunity presented itself.
The slogan “marry the house date the rate”
The slogan “marry the house date the rate” is practical after mortgage rates have dropped significantly. The existence of this phrase reduces the blow of a higher mortgage rate to try to forget the economic aspect and focus on the emotions associated with the home sale.
To be considered in such a situation are higher interest rates which cannot be foreseen to go down and the refinancing option in case you don’t qualify for a mortgage. Also, your purchase price in the real estate market greatly influences the down payment of the home sales and the property tax of the real estate markets.
If you’re truly into the “Marry the house, date the rate” plan, the best option is to take out an adjustable-rate mortgage which will significantly offer lower interest rates than a 30 or 40-year fixed plan. ARMs are hybrid real estate market plans with long periods of fixed rate productivity, offering a good mortgage rate for a good amount of time before looking for a new date. Afterward, or even in that ARM plan, you can move on, assuming interest rates improve.
The Phoenix real estate
The Phoenix real estate scene is arguably the hottest market in the USA. The Arizona real estate market has been extremely strong over the past couple of years; not only did it recover from the slump caused by the COVID-19 virus, but it also attained high real estate demands. Phoenix’s real estate market is so competitive, and home sales are gradually increasing every year, with interesting statistics like.
17.3% of home sales were above their original asking prices, which is 33% less than last year.
In September 2022, Phoenix home sales went up 8.9% compared to 2021, going for about $440,000.
Phoenix real estate has an average listing price of $470 000, which is a 12% increase yearly.
The slogan offers a perfect opportunity to examine the crossroad of mortgage rates and real estate markets. Our mortgage house company helps you dissect the Phoenix and Arizona real estate. market and get you a sweet deal.
Contact Angelo today to take the next step toward real estate markets and home sales.