Are you in the market for a new home? Here’s what you should know.
Anyone who knows the basics of the real estate industry will be aware that spring is the start of peak season for home sales. If you’re thinking of buying a home this summer, you may be wondering what the current market is like and how to navigate it.
Here’s what you need to know.
Inventory is low.
This year, inventory has dropped. This makes for a competitive market where there are fewer homes for sale that cost more than they did last year. You can help to navigate this issue by getting your finances in order, securing a real estate agent, and looking at homes you’re only serious about.
Homes are selling quickly.
Due to the short supply, buyers are snatching up homes when they can. Homes that are priced at market and are in good condition can sell within days. Act quickly if you find something you like and be flexible with seller requests.
Interest rates are rising.
Even though interest rates are historically low and affordable, they are creeping upwards. High rates will likely decrease one’s home-buying power, but it’s unlikely to deter serious buyers who are actively looking for a new home.
Timing is everything.
The hardest part of buying a home is saving for the down payment. Luckily, once you have that in place, there are great options. If you wait to save at least 20 percent for a down payment, you will avoid having to take out private mortgage insurance. However, if you aren’t willing to wait, there are still options to help you get into your dream home this year. Your real estate agent will be able to provide more information.
Buying a home is an exciting and busy part of anyone’s life. For all of your escrow needs and services, contact Eastland Escrows in Covina, California!