Critical advice for buyers and sellers in the current market:
For buyers: Keep at it. It's still a great time to buy as mortgage rates are hitting yet another average low; however, because the buying conditions are great, your competition has increased. On top of that, the amount of homes for sale has declined with the new demand, which means it's quite possible your offer on a property could be one of multiple offers the seller will consider. Start a conversation with your local agent about the buying and selling trends in your area. Your greater awareness and your agent's knowledgeable guidance are a good combination for landing the right property for you.
For sellers: Buyer interest and sales remain strong, and the trend is expected to last into the summer. Because the amount of homes for sale is low, prices are not only showing signs of a sustained recovery, but increases in equity as well. That's good news for homeowners who had lost equity or were underwater in recent years. However, finding the next home you buy on a timeline that coincides with the closing timeline on your current home could be a challenge. Take a proactive approach with your agent on options for the closing period and creating a plan for your next purchase.See the National Housing Report in the previous blog post below.