Today’s
market conditions are truly setting up outstanding opportunities for buyers and
sellers alike. That’s right, it’s not just
a seller’s market, despite what your great aunt keeps droning on and on
about. There are perks today that are rarely available and well-worth looking
into.
Benefits for Sellers: Low Inventory
There
aren’t enough houses on the market compared to the plethora of buyers looking
to score. It’s created the perfect storm of abundant offers and fast selling.
Houses either sell as soon as they’re listed or receive an insanity of hungry
buyers knocking on the door the moment it hits the market.
You’re
probably thinking, ‘I’m not complaining, but why is this happening?’ Well, low
mortgage rates are fueling buyer demand, enticing the faint-hearted who weren’t
sure if they wanted to enter the race to jump right in. With buyers eager to
purchase and a shortage of homes available, bidding wars are the current norm.
Sellers
are literally winning the real estate lottery when selling their house.
Benefits for Buyers: Mortgage Rates
The
biggest buyer incentive today is low mortgage rates. While the slightest
increase in mortgage rates might scare off first-time homebuyers, experienced
homebuyers know it wasn’t that long ago that the benchmark rate was almost
doubled.
Lower
interest rates mean you’ll pay down your principal loan faster than ever. So
don’t be scared, little first-time buyer, the mortgage rates are still on your
side. With lower interest rates, buyers can get more home for their money,
something you’re probably considering as everyone starts to feel the reality of
space-crunch.
Considering
these impressive savings, it’s no wonder why the housing market is hotter than
ever. These conditions haven’t been seen in 40 years, and they shouldn’t be
missed if the time is right for you to buy a property.
What You Need to Know
Whether
you’re thinking about buying or selling at home, take advantage of today’s
benefits. Contact your local real estate professional now to discuss how they
can help you play to your advantage in the local market.