Low housing inventory and appreciation! Before the coronavirus crisis began, the U.S. housing market was already low on the supply of homes available for sale. These levels remain low, causing more competition and less time on the market for the homes that are for sale. In addition, home prices have steadily risen, as reported recently by the National Mortgage News.
WHY IT’S A GOOD TIME TO BUY:
Historically low mortgage rates. Current mortgage interest rates remain at all-time lows, which increases buying power significantly. In fact, consumers have 10% more buying power today compared to the same time last year. This means buyers can purchase a home that is $32,000 more than they could a year ago, but with the same monthly payment.
Navigating today’s real estate market can be tricky. Multiple offers are being submitted on homes. You need to know the best offer to accept or the best offer to submit! I’m here for you and available to meet, virtually and answer any questions you might have about buying or selling in today’s market!
All the best to you and yours! Lisa Joy