The market is hot right now for buyers and sellers.
Are you eager to sell your home? The market is flooded with buyers eager to buy it.
According to the latest Freddie Mac quarterly forecast, mortgage interest rates fell to historically low levels during the spring and are projected to remain low. This means there is a huge incentive for well-prepared buyers to strike now. Homeowners looking for eager buyers can take advantage of this opportunity to sell as well.
Not only are mortgage rates low, but there’s also a very positive outlook on interest rates going forward, as a drop to 3.2% could be possible in 2021. Thanks to these low interest rates, buyers keep driving the housing market forward. The rebound in the economy has been uneven, but one segment that’s been exhibiting strength is the housing market.
Even though buyers are ready to purchase, it’s hard for many of them to find a home to buy. Mortgage rates aren’t the only thing hovering near all-time lows—available homes for sale have dropped off. With housing inventory as scarce as it is (down 20% year over year), keeping buyers in the mood to buy may be tough if they can’t find a home to buy.
What does this mean for buyers? Competition is hot, so getting pre-approved now will help you gain a competitive advantage and accelerate the home buying process so that you’re ready to go when you find that perfect home. Furthermore, working quickly and efficiently with a trusted real estate professional (like The Tami Holmes Team) will help put you in a position to act quickly.
What does this mean for sellers? The motivation for buyers to purchase a house is as high as ever, so listing now before other sellers come onto the market in your area will put your home on the top of many buyers’ lists. With all of the safety guidelines and precautions in place regarding the showing of your home, confidence is also on your side.
The bottom line is that whether you’re looking to buy or sell, there is great motivation to enter the housing market. If you reach out to us today, one of our team’s experts will help you every step of the way.
If you have any other real estate questions, feel free to reach out to us as well. We’re here to help.