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Tips for Home Buyers in a Changing Housing Market

Interest rates have increased in past months, putting some potential homebuyers on edge. But that doesn’t mean consumers shouldn’t panic. 

Here’s what to keep in mind about buying a home in today’s market: 

Keep a level head: Don’t let recent news of increasing interest rates drive you to a home that isn’t the right fit, said Chad McGlothlen, director of lending at Compeer Financial. Interest rates have already started to stabilize, and it’s important for consumers to think about the big picture before taking the plunge, he said. 

“Take a deep breath. Think about where rates are at today, not where they were six months ago. Have faith and trust in your financial advisor or your lending officer,” McGlothlen said. 

“Really keep a level head and don't get in a bidding war on a property that might not be your perfect property.” 

Take advantage of a less competitive market: Over the past few years, record-low interest rates drew more people to homeownership. And with more and more people relocating to more remote areas, supply couldn’t always keep up. 

The result? Properties were snatched up quickly after bidding wars inflated offers. Now, with interest rates rising, properties are likely to stay on the market longer, said Adam Gaskill, director of asset liability management at Compeer. 

“What that does is it dampens consumer demand a little bit and helps to bring that supply and demand equation back in line,” Gaskill said. 

Find solutions that work for rural properties: Consumers looking to make the move to the country need to make special considerations when it comes to interest rates. 

Many lenders can only offer adjustable-rate mortgages on certain rural properties. Look for a lender who specializes in rural lending and who offers fixed-rate mortgages on those properties, giving homeowners more peace of mind in a volatile market. 

“Long term fixed rates, take a lot of the rate risk out of the equation,” Gaskill said. 

Whether it's helping a client find the right place to retire or investing in the next generation of borrowers, Compeer Financial is committed to helping people at every stage of life find their perfect home in the country. 

The perfect place to get started 

Tanner Aarsvold had always wanted to be a homeowner. And when the opportunity arose to buy a house near Lake Zumbro in central Minnesota while he was still in school, he knew he had to take it. 

At just 19, Aarsvold worked with Compeer to purchase the property. Tanner’s age and lack of a credit history made his situation different than other borrowers, but his loan officer at Compeer helped him find solutions. 


The perfect place to raise a family 

Having grown up in the country themselves, Ashley and Carl Thalacker knew it was the kind of life they wanted for their own family. 

After looking at different properties near Cuba City, Wisconsin, the Thalackers decided their best option was to build on land owned by Ashley’s parents. But without the deed to the property, traditional lenders couldn’t help the family. That’s when the Thalackers went to Compeer. 


The perfect place to settle down 

John Bushert knew he had found something special when he stumbled upon a hobby farm in west-Central Wisconsin. With wide open landscapes and space to pursue his woodworking projects, it was the perfect place to retire one day. 

But the fine print associated with that type of property meant traditional banks couldn’t lend to Bushert. Growing frustrated, he eventually found Compeer. 


Considering a move? We’re here to help. 

People today have more choice and opportunity to live where they want than ever before, and for many the peace and quiet of the rural lifestyle is increasingly attractive. 

As a leading mortgage provider for people moving to the country, Compeer Financial has seen where the potential pitfalls lie – and we hope that by sharing some of them, you can make your own move to the rural lifestyle that much smoother. 

Click HERE to connect with a Compeer Financial Loan Officer today! 

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