What’s Happening in the Real Estate World?
Our current market conditions offer benefits to both homebuyers and sellers. Here’s what you need to know.
Today I just want to give you a brief analysis of how the real estate market is and what’s been going on.
We’re still in a seller’s market. Therefore, there isn’t enough inventory to give buyers an advantage, but in a lot of cases, you can still get a decent price and a really nice house.
Low interest rates are great news for buyers.
If you’re on the fence about selling, now is the time to get off of it. I don’t know how much longer this seller’s market will last, because we’re seeing indications of a shift to a buyer’s market. This will mean that prices will start to decline, and that’s not great for homeowners.
For buyers, low interest rates are great news because they give you more buying power, meaning more buyers can afford a given home.
If you’re buying a $250,000 home for example, a rate of 3.625% would give you a monthly payment of around $1,100. If rates went up just 1%, your new payment would jump up to $1,250.
If you have any questions for me about the market or real estate in general, feel free to reach out via phone or email today. I look forward to hearing from you soon.