Locke Associates Real Estate Blog
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When you are a first-time home buyer, sometimes you must think outside the box, especially with a competitive market like the one we are in today.
If you are having trouble finding your first home, here are a few tips and tricks to consider.
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As we enter the second half of the year, one thing is clear; the current Real Estate Market is one for the books. In 2020, the number of homes available to the marketplace fell to an all-time low and continued into the first half of 2021. However, in the last few months, more inventory is starting to enter the market for sale each day. This is good news for buyers that haven’t found the home that fits the bill yet.
Even though homes are coming up for sale each day, inventory remains a challenge in most states. With the lack of inventory coupled with high demand, high buyer competition and bidding wars are still a factor. Buyers are going above and beyond to make sure that their offer stands out from others.
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Are you interested in selling and curious what your home is worth? Your first instinct may to turn to an automated online home value estimator, such as Zillow, Trulia, or Realtor. The fact of the matter is that they generally use a computer algorithm to compare your home with other recently sold homes in the area. However, they can’t see inside your home. They are unable to put a price value on the condition, recent upgrades, features, etc. Even if you live in a neighborhood with comparable homes, each home differs substantially. Not to mention, these online generators could be undervaluing or overvaluing the price of your home. If you are ready to make a move, call our office. We have a team of experts that would be happy to provide a pressure free market analysis of your home.
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The housing supply is rising! What does that mean for buyers? More inventory equals more options. We are still not close to a balanced market; however, we are starting to see an uptick in new housing inventory coming to the market. The new available housing inventory will allow buyers to keep the buying process moving forward. Now is the time to buy as mortgage rates are beginning to increase, which will make purchasing a home less affordable as time passes.
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As we move into the second half of the year, many have questions on what to expect with the real estate market and what’s on the horizon.
The current real estate market is historic. Near record-low mortgage rates are fueling high demand, but a shortage of inventory has complicated buyer’s home searches. Throw a global pandemic into the mix, and we are looking at a real estate market that nobody has witnessed before. Today’s buyers and sellers face unique challenges, and it’s up to trusted real estate professionals to help guide them through these conditions.
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If you are thinking of buying a home, there truly is no better time than now. With today’s low mortgage rates, buyers have a great opportunity to get more home for their money. There still may be limited inventory, leading to more buyer competition and bidding wars, but more inventory is entering the marketplace each day.
If you are having a challenge finding a home that fits the bill, it may be time to talk to your trusted real estate advisor about building. New home construction is ramping up. Although, new construction won’t completely solve the housing inventory shortage, it does mean that more options will soon be available as you continue your home search.
Read more: Limited Inventory? Maybe New Construction is the Answer
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