If you’re a prospective buyer or seller, it’s important to understand the current real estate market conditions and how they affect you.
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Some Highlights
The language of buying and selling a home may sound scary at first, but knowing how key terms relate to today’s market can help you. For example, current low mortgage rates and higher wages positively impact affordability for buyers, while home price appreciation continues to grow home equity, which sellers can use to fuel a move up.
Terms like appraisal (what lenders rely on to validate a home’s value) and contingencies (which buyers can minimize to make their offer stand out) directly impact the transaction.
You don’t need to be fluent in the language of the market to buy or sell. Instead, connect with your trusted real estate advisor so they can help you translate the process.
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As we move into the second half of the year, one thing is clear: the current real estate market is one for the record books.
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Over the past year, many homeowners realized what they need in a home is changing, especially with the rise in remote work.
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With home prices continuing to deliver double-digit increases, some are concerned we’re in a housing bubble like the one in 2006.
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In today’s real estate market, mortgage interest rates are near record lows.
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Some Highlights
Buyers hoping for more homes to choose from may be in luck as housing inventory begins to rise. Many experts agree – new sellers listing their homes is great news for buyers and the overall market.
Although the supply increases are modest, more homes means more options for buyers. A rise in inventory may also help slow the price gains we’ve seen recently and could be a sign of good things to come.
If you’re searching for a home to buy, rising inventory is welcome news. Reach out to a local real estate professional today to learn about new listings in your area.
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Last week, Fannie Mae released their Home Purchase Sentiment Index (HPSI).
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An important factor in today’s market is the number of homes for sale.
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In real estate, it’s normal to see ebbs and flows in the market.
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