Let’s be honest — mortgage rates have been the “talk of the town” for quite a while now. If you’ve been dreaming about homeownership but those interest rate headlines have you second-guessing, you’re not alone.
Here at Brookings Home Team, we’ve been helping buyers across Brookings and the surrounding area make sense of this ever-changing market — and yes, there are ways to win, even when rates are higher.
So, let’s talk about how to make your move smart, strategic, and successful.
1. Get Pre-Approved Early — and Know Your Numbers
Before you start scrolling listings or setting up showings, sit down with a trusted lender and get pre-approved. Not only will this tell you what you can comfortably afford, but it also gives you a head start if the right home hits the market.
Bonus: A pre-approval also locks in your rate for a period of time — so if rates rise again, you’re protected.
2. Explore Rate Buydowns and Seller Concessions
One of the best-kept secrets in today’s market is the “rate buydown.” Some sellers (and even builders) are offering to cover part of the cost to temporarily lower your mortgage rate.
For example, a 2-1 buydown means your rate drops by 2% in the first year and 1% in the second — giving you some breathing room as you settle in.
At Brookings Home Team, we’re seeing more sellers open to these concessions, especially if it helps make a deal work.
3. Don’t Wait for the ‘Perfect’ Rate
If there’s one myth we love to bust, it’s that you should wait for the perfect rate before buying. Truth is, nobody has a crystal ball — and waiting too long could cost you if home prices rise.
Here’s the phrase we love to tell buyers:
???? “Date the rate, marry the house.”
You can always refinance later when rates drop, but you can’t go back and buy the same home for less once values climb.
4. Think Long-Term, Not Just Monthly
Yes, higher rates can sting a bit, but homeownership is a long game. Each payment builds equity, and equity builds wealth. Renting doesn’t.
If you plan to stay put for several years, the ups and downs of interest rates start to matter less — especially as your home appreciates in value.
5. Lean on Local Experts
The Brookings housing market doesn’t move exactly like the national one — and that’s good news for you. Smaller communities like ours often see more stability and less dramatic price swings.
Our team at Brookings Home Team works closely with local lenders who know the programs, grants, and creative financing options available right here in South Dakota. You might qualify for something that helps lower your upfront costs or monthly payment.
Bottom Line
High mortgage rates don’t have to stop your homeownership dreams. With the right strategy — and a team that knows how to work the market — you can still find your perfect home and feel good about your investment.
???? Thinking about buying but not sure where to start? Let’s chat!
At Brookings Home Team, we’ll walk you through your options, connect you with great local lenders, and help you create a plan that fits your goals (and your budget).
???? Reach out today and let’s turn that “someday” into today!
Posted by Shane Andersen on
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