WHAT’S HAPPENING IN THE HOUSING MARKET TODAY?
Mortgage rates have slightly receded since their peak last October. Looking ahead, the consensus among most experts is a further decline throughout the year, albeit with intermittent fluctuations.
Over the previous year, numerous homeowners hesitated to sell due to elevated mortgage rates. However, despite their inclination to maintain lower rates and endure higher ones for their subsequent residence, indications now point towards a revived willingness to relocate.
Here's a crucial question to ponder as you weigh your options: Where do I anticipate home prices heading?
While the rate of appreciation may not match that of recent years, the key point to note is the projected upward trajectory of prices, not a decline.
The prospect of home prices increasing, albeit at a more measured pace, bodes well not only for the market but also for you. It suggests that by purchasing now, your home is likely to appreciate in value, thus building equity over time. However, delaying your purchase, according to these projections, could result in paying a higher price later on.
In summary,
If you're contemplating a home purchase, it's essential to understand the outlook for home prices. While future trends are uncertain, staying informed with the latest data can empower you to make a well-informed decision. Let's connect so you can stay informed about current developments and understand why this news is particularly advantageous for you.
For prospective homebuyers, the ongoing decline in mortgage rates spells good news as it enhances affordability. However, there's an additional advantage: it might incentivize more homeowners to list their properties for sale.
Early indications suggest a resurgence in homeowner readiness to relocate.
In January 2024, there was an increase in new listings compared to the same period in 2023, marking the first such rise since 2019. This shift could signify a gradual easing of the rate lock-in effect.
What does this imply for you?
While it may not result in an immediate surge in available options for your home search, it does suggest that more sellers could be opting to list their properties.
Consequently, you may witness an increase in homes hitting the market, providing you with a broader selection of fresh choices.
In conclusion,
As mortgage rates continue to decline, more sellers may re-enter the market, offering you a chance to find your ideal home. Let's connect so you can have a local expert by your side, helping you keep abreast of the latest listings in our area.
WHY PRE-APPROVAL IS EVEN MORE IMPORTANT THIS SPRING?
What is Pre-Approval?
Pre-approval gives you critical information about the home-buying process that’ll help you understand how much you may be able to borrow, so you have a stronger understanding of your options.
How does it work?
As part of the pre-approval process, a lender looks at your finances to decide what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how much money you can borrow.
Why does this help you, especially today? With higher mortgage rates and home prices impacting affordability for many buyers right now, a solid understanding of your numbers is even more important, so you can truly wrap your head around your options.
Why Pre-Approval Is So Important This Spring
Pre-approval shows sellers you mean business because you’ve already undergone a credit and financial check.
Sellers love that because that makes it more likely the sale will move forward without unexpected delays or issues. And if you may be competing with another buyer to land your dream home, why wouldn’t you do this to help stack the deck in your favor?
Bottom Line
If you’re looking to buy a home this spring, know that getting pre-approved is going to be a key piece of the puzzle. With more buyers coming back to the market, this can help you make a strong offer that stands out from the crowd.
TIPS FOR CRAFTING YOUR MOST COMPETITIVE OFFER ON A PROPERTY
Count on a seasoned agent to champion your objectives and provide insights into the current real estate landscape. Agents possess a wealth of knowledge about local markets as well as national trends. Leveraging this expertise, they'll furnish you with comprehensive information to empower your decision-making process.
Establishing a precise budget is crucial in light of existing affordability hurdles. To gain clarity on your borrowing capacity, it's advisable to collaborate with a lender and secure pre-approval for a home loan.
Seeking the most advantageous deal on a home is understandable. Nonetheless, presenting an excessively low offer entails certain risks. It's essential to avoid submitting an offer that may be summarily dismissed upon receipt, merely to test the waters.
In recent years, some buyers opted to forego home inspections or concessions from sellers to secure a winning bid on a property.
LET'S CHAT
It's likely that you have questions and thoughts about the real estate process.
We’d love to talk with you about what you’ve read here and help you on the path to buying your new home. My contact information is below, and I look forward to working with you.
