Sun burns, camping and real estate have been filling our summer. What about you? Summertime, according to the National Association of Realtors, has for the last 19 years accounted for more transactions than any other part of the year ( https://www.nar.realtor/blogs/economists-outlook/seasonality-in-the-housing-market ). Some buyers don’t want to buy at this time because they may feel prices are too high. The fact is, however, there are more homes on the market that are WORTH the price. In the off-season there can be some homes on the market that are valuable but some buy during this time because there isn’t anything better. In addition, rates are still holding quite low. Buyers, now is still a good time. Sellers, are also in good position for the next few months as this is still a good time to sell with prices maintaining at high values.
Based on the above stats, please review the following ideas to help guide your decisions:
IF you can find an under market value property, it is always a great time to buy. Everyone wants a deal, but the only way to find an outstanding deal is to know someone. This market has become one based on relationships. Who do you know that may be selling? If you are going to buy a single family home or condo on market to invest, you MUST know the area very well to determine if it is in a pocket that is highly desirable. In addition, there may be opportunties with REO properties. These could be a great opportunity, but there are risks associated. If you are aware of the risks up front and are prepared for them you can get a great deal. Let me know if you would like to know more about them.
While it is still a seller’s market, interest rates are STILL very low. This is important as every decrease in that rate means hundreds of dollars in your pocket. What is the opportunity cost for waiting to buy for the perfect market? Opportunity. The more time that goes by is more time that you aren’t paying down a mortgage. Speak with your mortgage professional to help get a great idea on your budget and buying power.
As noted above, now is a great time to sell. Home values are up, inventory is down and buyers are motivated. Stats continue to indicate we are still in a good time to sell. We still have plenty of summer left to put your home up for sale to capture the hot summer market.
If you liked these stats please reach out and let me know about it! If you have any questions about the Real Estate market or the process of buying or selling a home please contact me. Contact me today if you are ready to buy or sell a home.