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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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The Danley - Golding Jones Team
Sotheby's International Realty
200 Clocktower Suite 100D
Carmel, CA 93923
831-601-5355
Fax: 831-855-0210
christinadanley@NUMBER1EXPERT.com

Christina has been a broker associate since 1987. She values her clients and makes their needs and their investment's potential the priority. She has listed and sold single-family homes and condominiums throughout the Monterey County area and specializes in Pacific Grove, Pebble Beach, Carmel, Carmel Valley and Monterey. Christina earned the Certified Residential Specialist (CRS) designation, which distinguishes a higher level of education in real estate and a professional affiliation affording up-to-the-minute industry information and local market knowledge. She is the proud receiver of the John Leo Award, in recognition of top sales volume within the Monterey County Association of Realtors, for 1998. Her background includes 20 years of management in the hotel and restaurant business as well. She holds a lifetime limited service credential for California Community Colleges and was honored with the Papa Vince award for excellence in hospitality. Courtney was born and raised on the Monterey Peninsula. She attended local schools Santa Catalina Lower School and Robert Louis Stevenson Upper School. She has always been surrounded by real estate as her mother, Stacey Golding, worked for the Mitchell Group (now Sotheby's) and her husband is a commercial real estate agent. Courtney attended Santa Clara University, graduating Cum Laude with a major in finance and a minor in art history. She then spent the next 8 years in San Francisco working as a finance and accounting recruiter for a nationwide firm, Kforce Professional Staffing. She was a top producer for the company, consistently achieving platinum status.

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