STEVE SCHUTT: This is What the Presidential Election Means for Mortgages and Local Real Estate!

As rising interest rates and escalating home prices continue to impact affordability in Niceville’s housing market, the opportunity for deal-making is increasing for buyers, according to local mortgage expert Steve Schutt. With fewer buyers entering the market, sellers are more open to negotiation, creating new advantages for potential homeowners, Schutt shared in a recent interview.

“Gone are the days where you have to pay over the asking price on a home or cover all your own closing costs,” said Schutt. “Sellers are motivated, and buyers can make offers that fit their budgets.” Current trends are allowing buyers more time to assess their options, compare quotes, and consider financing strategies that suit their needs.

Interest rates for VA loans are sitting in the mid-sixes, with conventional loans around seven percent, Schutt noted, and rates have shown an upward trend over the last month. The anticipated Federal Reserve decision to decrease rates by the end of the year may provide some relief, though the market could remain volatile due to the upcoming presidential election.

Schutt advises prospective buyers to make strategic offers, as motivated sellers might cover closing costs or adjust prices to make transactions viable. Sellers, meanwhile, may still find value in their properties—especially if they purchased more than a few years ago. “It’s all about realistic expectations and flexibility on both sides,” said Schutt, as he described the current market as more balanced than in recent years.

For buyers and sellers alike, this shift means a chance to find mutually beneficial deals, even as affordability pressures linger.