It’s still a sellers’ market. Good for the sellers, but unfortunately not so much for the buyers. The low inventory of homes for sale is still creating a sellers’ market throughout the entire country. The word that comes to mind when describing the last two years in our area alone is ‘ruthless! This market has been moving at mach speed. It has pretty much been the perfect storm with extremely low inventory all around and will still give the sellers the upper hand for 2022.
Real estate has been very good, it’s very robust. 2021 was a great year for real estate, expect similar activities to continue in 2022. There are more people looking to buy right now and fewer properties for sale. It is a good year for sellers.
Now is the time certainly for buyers to buy because of what is likely to happen with the mortgage interest rate as well as prices increasing. And now is the time for sellers to sell while we are kind of at the top of the market here now.
If your ready to sell give Preferred Properties of Texas a call! Let’s Get Started and Get Your Home SOLD!!
Original Blog: https://www.oswegocountybusiness.com/feature-stories/real-estate/sellers-are-dominating-the-real-estate-market/
You want to be prepared for the spring housing market. There are many factors that can cause uncertainty such as the conflict in the Middle East, rising inflation and the first rate hike from the Federal Reserve over three years , but the housing market seems relatively stable.
Here are some predictions from experts about spring.
Freddie Mac The 30-year fixed mortgage rate increased by more that a full percentage in the last six months. Experts believe that rates will rise over the next 90-days, despite mild fluctuations in recent week.
If you are a first-time buyer, or a seller looking to move into a better home, you should know that you will pay a higher interest rate if you wait. This higher rate can increase your monthly payments and add up over the loan’s life.
Buyers looking for homes to buy may find some relief. Realtor.com reported recently that the number new homes increased for each of two months. The National Association of Realtors just announced that the month’s supply of inventory increased. This is the first time it has happened in eight-months. Based on the activity in recent months, it appears that the inventory of existing homes will grow every spring.
It looks like buyers who are frustrated by the lack of homes for sale could be able to find relief this spring. If you do find the perfect home, it is important to act fast.
Listing now is better than waiting for more competition if you are a seller. As more homes are added to the market, your leverage in negotiations will be affected.
Supply and demand determine prices. Despite the increasing number of homes on the market, buyer demand is still very strong.
What does this mean for you? Home prices will continue rising as the demand for housing continues to outpace supply. Experts believe that the rate of appreciation will decline from the double-digit highs we have seen in the past two years. This means that prices will continue rising, but at a slower pace. Experts predict that home prices will not fall.
Experts disagree with the belief that a 1% rise in mortgage rates will cause home prices to drop.
If you are a first-time or repeat buyer, you will likely pay more to buy a home late in the year if you wait.
Three things seem certain about the spring housing market
You should act quickly if you are thinking about buying a home. Selling is a good option if you want to beat rising competition. Contact Preferred Properties of Texas to speak with one of our knowledgeable agents today!
Original Blog: https://www.keepingcurrentmatters.com/2022/03/24/what-you-can-expect-from-the-spring-housing-market/
Trustworthy people can give you sound advice when you make a big decision like a real estate deal. Even though your family and friends may not know all the answers, they might give you incorrect or outdated information. A trusted professional who is familiar with real estate matters every day. REALTORS(r), can help you dispel any myths that might limit your search, or unduly affect one of the most important financial choices you will ever make. These myths are important to be aware of.
Reality: Although many buyers put down 20% or more in down payments, Texas homebuyers made a median 14% down payment in 2020, according the Profile of Texas Homebuyers and Sellers. The median down payment for first-time homebuyers was 6%. You may be eligible for many loans and programs to help you purchase a home, even if your down payment is less than 20%.
Realism: Even with low credit scores, you may still be eligible for a loan. You can also improve your credit score in order to increase your chances of getting a loan.
Reality: This myth implies that you might have trouble finding buyers when it comes to selling your home or that your property’s value will not rise in comparison to other properties in the area. This is an exaggeration. There are many factors that influence the value of a home. The house you choose should be a good fit for your lifestyle and needs.
Reality: Don’t wait for the price to drop before you buy a house. What happens if it doesn’t? It is a bad idea if you try to time your house purchase to avoid a sellers market or to join a buyers market. These market conditions might not be applicable to the neighborhood or house you are considering. It is best to buy only when it makes financial sense.
Do not rely on inaccurate information regarding your home. Our Agents at Preferred Properties of Texas can help you dispel any myths and make your real estate transaction smooth.
Original Post: https://www.texasrealestate.com/members/posts/buyers-dont-let-real-estate-myths-limit-your-search/
Supply chain disruptions are affecting almost every industry. This is also true for the U.S. housing market where buyers demand is far greater than housing supply.
The current buyer demand is strong. The National Association of Realtors just released their latest Current Home Sales Report, which shows that sales increased in January. The seasonally adjusted annual rate for existing home sales was 6.5 million. This is 6.7% more than the previous month. Sales were up in all regions. But there is one problem.
The market is experiencing a shortage of homes to sell due to high buyer demand. According to the report, inventory of homes for sale is down to 1.6 months.
The number of new listings on the market has decreased in the past four years, and carry-over inventory is down in recent years. Because listings are sold quickly, they don’t last long enough to carry over from month-to-month. This means that homes don’t stay on the market as long as they did before the pandemic.
If you are thinking about selling your home, don’t delay. When there is high demand and limited supply, a seller will always get the best deal. This is exactly what the current real estate market looks like.
Inventory (and thus your competition) will rise as more homeowners wait to list their homes in spring and early summer.
These newly constructed homes will be a competition to your house as they are complete. This is a huge opportunity for you right now. Do not wait for the increase in competition in the area. Today is the best day to list your house. Give Preferred Property of Texas a call and let’s get your house on the market at this optimal time to sell.
Original article: https://www.keepingcurrentmatters.com/2022/02/24/the-1-reason-to-sell-your-house-today/
Many homeowners are trying to decide whether or not to sell their home in today’s market. You may be one of those homeowners. This is because you are trying to balance the current health crisis, rising mortgage rates and changing needs. It’s possible that you are trying to decide when it’s best to sell your house. Recent data suggests that the time is now.
It is clear that consumers today are extremely optimistic based on the data from the past years. Below is the graph showing the percentage of respondents to a survey who believe it’s a good moment to sell a home. This graph shows that their optimistic outlook is increasing. The large dip in the middle of this chart shows how consumers’ attitudes about selling declined during the pandemic. This is because of increased uncertainty over the impact of the health crisis on the economy. The good news is that the trend today shows a steady, dramatic improvement and people feel more confident about selling a house.
Survey respondents believe it’s a better time to sell your house now than in the days leading up to the crisis. According to the latest survey results, we are at the highest point in seller sentiment since March 2019, when 77% of respondents thought it was a good idea to sell a house. This is compared to June and October 2021, which were highs of 77%.
Homeowners have greater motivation to sell, with record-high equity returns, record-low housing supply, and significant buyer desire. Today’s market is flooded with buyers, which makes it an ideal time to sell.
According to the National Association of Realtors, the current supply of homes for purchase is at an unprecedented 1.8-month supply. Sellers will see more offers if there is a low supply of homes to sell. This is exactly what is happening right now. NAR points out:
It’s easy to see why consumers feel it’s a great time to sell, considering the low inventory of houses available for sale today.
If you’re ready to take advantage of today’s favorable sellers’ market, contact a Preferred Properties of Texas today.
Origianal Blog:https://www.keepingcurrentmatters.com/2022/02/07/consumers-agree-its-a-good-time-to-sell/
