Housing market starting to improve for buyers, some experts say

CHARLOTTE — If you are among many people who currently looking to buy a new home, there are ways to make it happen.

Some experts say the roller coaster ride of mortgage rates is getting better. It all depends on who you ask.

Channel 9′s Almiya White talked to Chauncey Hilliard, a Charlotte realtor, who says the market is currently balanced.

“I would say that the market is currently balanced,” Hilliard said. “Currently right now, what you’re experiencing now is that buyers now have opportunity that they didn’t have a couple of months ago with the multiple offers.”

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The market is also starting to shift to a buyer’s market, according to Hilliard.

“Right now, what buyers are able to achieve now is that they can actually get seller concessions to offset the higher interest rate,” Hilliard said.

Mortgage rates are up to almost 7% in the U.S., up from around 3% less than a year ago.

“Different lenders are offering buydown basically if you put $1,000 towards something, they’ll give you 2000,” Hilliard said. “So yeah, there’s ways to get around the 7% interest rate.”

If you are unable to do that, financial planner Alex Calott said they are other options.

“The first thing you need to do is you probably need to talk to a lender and see now what you can get pre-approved,” Calott said. “Then also, don’t be afraid to maybe shop lenders.”

Calott said the most important thing to remember is to live and and buy within your means.

“And I think more than anything from a more of an overarching financial standpoint is understand, you know, what’s comfortable, I wouldn’t necessarily recommend stretching your monthly budget,” Calott said.

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