INDUSTRY INSIGHT
TITLE INSURANCE
SPONSORED CONTENT
THE SPRING MARKET , FROM A TITLE COMPANY PERSPECTIVE
We often get asked when is a “ good time ” to buy / sell . With the interest rates of the recent past , many people are hesitant to make a move . I can ’ t disagree . If you are happy and content in your current home with a low interest rate , then you should stay put . However , if you are busting at the seams with a growing family , in need of a job change , or an elderly parent will be joining your household , then yes , you should know it ’ s a good time to buy .
The ( marginally ) higher interest rates are not going anywhere , and they are still low in general . I bought my first house in 2000 and the interest rate was 7.25 on an adjustable mortgage , and that was a good rate back then .
Since 2022 , our industry has slowed down to a hum , from the buzzing years of 2020 and 2021 . The rates have scared off a large majority of buyers . BUT , for those buyers I ’ ll use the word “ brave ” enough to enter the market , I see that they are experiencing less competition . Therefore , they ’ re more likely to find and purchase the house that they want , not one that they have to settle for . Yes , the interest rate is not a preferred 4 percent , but these buyers know that once the rates drop , they can refinance into a better position . The advice from realtor friends of mine is to “ marry the house , but date the rate .” You are not stuck with the initial interest rate .
If you are struggling to get approved for a loan , I encourage you to work with a loan officer who offers credit counseling . The officer can take a look at your current financial position , including income and credit-to-debt ratio , and give you solid advice for how to improve your circumstances for a purchase in six months or more . This is invaluable insight to your purchasing power , and speaking to a loan officer is the first step to buying a house . You have to know what you can afford before you hit the market .
Finding a realtor is the next step . Of course , you can and should ask friends , family and trusted contacts for their referrals . Next , you should hit the internet and read reviews . When someone asks me for a referral , I like to know any preference for male or female , personality type , etc . Some people work with realtors for years before finding the right house , so it ’ s important that you interview potential matches and commit to the one who best suits you and you can talk to comfortably .
By now , I expect that most buyers and sellers have heard that there has been a change in commission structure . While that ’ s true , as title agents , we still find that a lot of contracts are negotiated with the seller paying most ( if not all ) of the realtors ’ combined commission . Yes , I know that sellers can sell their houses outright as a For Sale by Owner ( FSBO ), but I also know that unless both the buyer and seller on FSBOs are experienced in conflict resolution or negotiation skills , then potential deals can go south fast .
Think about getting through inspections , appraisal , contract terms and issues without a mediator to help ease the tension . Realtors can and should have enough experience , and assistance from their peers and managers , to help all parties from contract to closing . The commission is something you can discuss with your realtors at the beginning of a transaction .
Of course , you can always call Blue Sky . Blue Sky handles a majority of realtor-driven contracts but also many FSBOs yearly . We enjoy both alike , and working with the clients to get to the closing table on time and hassle free !
2940 South Park Road ,
Bethel Park , PA 15102 blueskycsi . com 412.595.7263
Katie McGurk Mannarino is the President of Blue Sky Closing Services , Inc . She has closed thousands of residential and commercial real estate transactions over 25 years and is a trusted member of the real estate community . Ask your realtor about Blue Sky Closing Services , Inc .
Cindy Rack , Keller WIlliams Denise Marasco , Howard Hanna
Roberta “ Mitzi ” Allen , ReMax
PETERS TOWNSHIP | FEBRUARY / MARCH 2025 35