Who are you? Are you one of the buyers who bucked the trend, took a risk and bought at the low, when everyone else was afraid? Maybe now you are ready to leverage those gains into your move up property! Or are you trying to buy now, for the first time, when there are many reports of OVER 40 offers on one home! To succeed in real estate, ideally you’re working against the trend, taking advantage of the markets when they are in your favor.
This is a call to action for SELLERS! Inventory remains at a critical low, with over 50% of the homes in contract. This is NOT EVEN a “Seller’s Market”… It is called an “appreciating market.” The demand is forcing buyers to bid prices up in order to prevail. This market will not last forever; things will eventually stabilize and for you, Mr. or Mrs. Seller, that could mean a lower sales price.
Right now, home prices are the highest they have been in seven years. Though 1/3 of the mortgages in the country are still underwater, we are seeing the least number of foreclosures, also since 2007. This due to the government stepping in with the Homeowner’s Protection Act. With prices rising, some folks who were underwater are no longer, and can move forward with a normal sale. What great news!
Condo sales have also gained phenomenal traction, often being the only real estate that first time buyers can afford now that the low end in single family homes is all bought up. And the rental market remains smoking hot! Investors are buying tenant occupied homes and just lettin’ em stay there, rents are so high.
If you are a buyer, though nearly every other buyer is mobilized, it can still be a great time to buy with interest rates so low. Keep two things in mind when buying: 1) buy the largest home you can afford – moving again is expensive and as families and lives grow, so does the need for more space, and 2) keep an eye out for that house that every one else has overlooked. Do your homework, there are still deals to be had.
If you’re looking for an advocate in this crazy, crazy market, give me a call, text or write… I’ll keep it very real for you, and make your purchase proceess as easy as possible