What should buyers and sellers know about today’s market? Today I’ve broken down the answers to some of the most common questions I receive regarding current real estate trends.
There are a couple of questions people always ask me regarding our market. So today I’d like to shed some light on current market trends by answering a few of the most common queries I receive.
The first question I’d like to address is whether we’re in a buyer’s or a seller’s market. Well, for now, I’d definitely say that the market is favoring sellers. Low inventory means an overabundance of buyers are being forced to bid on the same houses. This puts sellers in control, so right now is a fantastic time to list if you’ve been thinking of doing so.
Buyers shouldn’t despair, though. Interest rates are still at historic lows compared to past figures. The average rate right now for a fixed-mortgage is about 4.375%, which is still very affordable. So if you’ve been renting because you believe homeownership is too expensive, I encourage you to reconsider. Why not put the money you’re currently allocating to rental expenses toward building equity instead?
Another question people ask me on a daily basis is how buyers can compete in such a hot market. My answer to this would be, first and foremost, to hire a trusted Realtor. Having a professional working on your behalf will be your greatest resource as a buyer.
I also recommend that buyers get pre-approved early. The pre-approval process will enlighten you on how much you can afford and what kind of monthly payment you can expect. As a result, you’ll be able to build a home search strategy around this information.
If you have any other questions, would like more information, or would like help buying or selling in our market, feel free to give me a call or send me an email. I look forward to hearing from you soon.