Hi there! It has been a little while since my last post but you’ll have to forgive me; the real estate market is on fire! This is definitely a great time to be a seller and a tough time to buy for all the buyers out there. Here is what we know:
1. The supply and demand is out of balance. Although you may see a few homes for sale, many outdated, out of shape homes are sitting on the market while the average to better-than-average homes are receiving multiple offers within hours of listing.
2. Interest rates are poised to increase, again. The U.S. economy is still showing signs of improvement and that means the FED wants to increase interest rates and curb inflation. This also means buyers are rushing in before the cost to borrow increases.
3. School is out – a majority of the public schools are coming up on summer break and that means families are looking to make a move. We can expect an increase in supply here but a paralleled increase in demand as well as those sellers look for their next home.
4. In this market, if your not buying cash or with a conventional mortgage… you’re not getting anything good. Be ready to put your highest and best offer out there the first time or risk losing the home you envisioned yourself living in.
Until my next post,