Here are some facts buyers and sellers will equally love to hear.
Our market has ‘opportunity’ written all over it. Mortgage interest rates have dropped down to 3%, a historically low mark. These low rates give today’s buyer the ability to afford more home than they could in the past. According to the National Mortgage News, buyers’ purchasing power has increased by $32,000, meaning the average buyer can afford $32,000 more than they could just last year. Of course, this gives the buyer more choices when it comes to finding and financing their next home.
The biggest perk for sellers is the low inventory. There are just not enough homes available for sale to meet the high buyer demand. According to the National Association of Realtors, housing inventory is down 20% from a year ago today. Housing inventory has been a problem for a while now, but these favorable interest rates have amplified demand, making it increasingly difficult for buyers to find what they’re looking for on the market. Sellers face little competition and can benefit from buyers who are trying to outbid one another for their homes.
All the multiple-offer scenarios push home prices even higher. Sellers in today’s market could potentially profit more than they’ve been able to in the past. They’re also way more likely to sell their home quickly.
So whether you’re thinking about buying or selling a home soon, great opportunities await. Call me if you have any questions about market conditions or real estate in general. I’m always here to help, and I would love a chance to chat with you!