I am constantly being asked “What is happening to our Housing Market!”
- Prices are rising
- You don’t know what is going to happen to the interest rates
- Houses are on the market longer
- and more!
Prices are rising: They sure are! I do recommend when you put your home on the market, price it at a price that will make your home stand out. Get comparables near you with help of an agent.
If you are a buyer, first thing to do is see a lender to find out what you could qualify for. Many lenders have numerous offers that might help. Then use the websites you know and of course you can use mine. Do your homework before you start to look. Go to “open houses” to see what you like and what you don’t like.
What is going to happen to the interest rate: My crystal ball is broken, but I try to read articles and talk to others about what they think will happen. As said above, this is when a good lender can give you advice and options. What I am hearing is prices should stay high for now and interest rates will remain where they are for the next couple of months.
Houses are on the market longer: This is where a real estate agent can help you whether you are buying or selling. Both parties should do their homework to make the best decision you.
When you find a home you like, you should use an an “escalation clause” where you make an offer and you have a upper price you will go up to. I had a property for sell and we had 4 offers the first day but they were all at listing price. One of the buyers used an “escalation clause” for the original offer list price. He said he would go up in increments of $500 to a certain amount. The other 3 buyers were not interested in raising their offers, so he bought the home with the extra $500.
Just remember houses are selling all the time. If you have to sell or buy, such as moving for a new job, you need to downsize, divorce, new buyers looking for their first home.
My mission is to help my clients in anyway I can. The bottom line in any real estate transaction is YOU, the Buyer or Seller, will make the final decision. I want to see you find the home that is right for YOU.
Have a wonderful day!
Beth Seifart