HUECU's annual THRIVE Home Buying Forum, which took place during the first week of March, was an exciting and educational initiative that aimed to guide first-time homebuyers through the complex process of buying a home. The four-day forum covered a broad range of topics, from current real estate market trends to the affordable path to homeownership. All presentations were recorded and can be accessed on the HUECU YouTube channel.
The Forum's opening day was particularly captivating, with industry experts Kim Rudolf and Dino Confalone sharing their invaluable insights on current market trends. Confalone, a seasoned realtor with over 30 years of experience, provided historical context on fixed mortgage rates in the US, which averaged 7.75% from 1972 to 2022. He emphasized that despite the low inventory in the seller's market, now is the perfect time to buy. Confalone further pointed out that the US Congressional Budget Office's projections of output growth stabilization by 2023 and a positive world economic outlook present a unique opportunity for buyers to capitalize on the current state of the market.
Kim Rudolf, an experienced appraiser with extensive knowledge of the diverse real estate market, echoed Confalone's sentiment that now is an ideal time to buy. She advised buyers to be prepared for the projected increase in listings and recommended making strong offers that include larger deposits, flexible closing dates, and escalation clauses to increase their chances of securing their dream property. Rudolf further emphasized the importance of attending open houses to gain a better understanding of the market dynamics and the need for flexibility in one's mindset when searching the market.
The Q&A session was particularly engaging, with experts fielding pressing questions on the definition of an experienced agent, negotiating an extension beyond the 90-day period, and specific tips for first-time and single buyers looking to shift from renting to buying in a competitive market with higher interest rates. The insights shared by Rudolf and Confalone left buyers empowered with newfound knowledge and tips for success.
The first day of the HUECU THRIVE Home Buying Forum set a tone of excitement, anticipation, and eagerness among buyers seeking to navigate the competitive landscape of the real estate market. With expert guidance from Rudolf and Confalone, buyers are better equipped to make informed decisions, seize opportunities, and ultimately secure their dream property.