Leslie Don Wilson - REALTOR ABR AHWD ALHS CIPS CNE CRS GREEN GRI MCNE SFR SRES TRLP of Texas Pride Realty Group is dedicated to quality customer service and beyond the sale support. Serving Harris and Montgomery county. - Are you ready to sell your home or buy your next home?
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Check out part of my Houston Buyou bike ride.
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People even if they haven't been watching real estate news have heard about the sellers' market. Because there's a lot of talk about how strong the market is for people who want to sell their homes. People who are thinking about selling their homes might want to know: what does it mean that we're in a sellers' market right now, and what does that mean?
A seller's market is a place where people who want to buy things are.
The most recent Existing Home Sales Report from the National Association of Realtors (NAR) shows that there is still a very low amount of housing available for sale. There are enough homes for two months at this rate of sales.
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If you're looking to buy a home this season, keep going. Homebuyers encounter obstacles in any market, including today's. Perseverance pays off in the end if you decide to buy a home. According to a recent Bankrate survey, homeownership is so powerful:
“Nearly three-quarters of homeowners say they would buy their current property again.”
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As the news goes today, you're more than likely to have heard about an increase in prices. In your day-to-day life, prices for gas, groceries, and more are likely going up. There are more and more costs for people to buy things. This can hurt your wallet and make you think twice about any big purchases you have planned.
Think about what you'll need to do to get your offer to the seller accepted if you want to buy a home this season. In the past, it was common for buyers to figure out how much less than the asking price they could offer and still get the home. This is no longer the case. The buyer and seller would then work together to come up with a new price that was somewhere between the buyer's bid and the home's asking price.
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It can be hard for people who want to buy their first home to find a house because there isn't a lot of inventory. Besides, if you work from home, you may be able to use the time you have at work this year to reach your homebuying goals. This is because many people work from home.
Homebuyers who work from home are getting more options, Arch Capital Services says in a new report.
A few people who can work from home on a part-time or hybrid basis will now have the option of moving a little farther from their jobs. For workers who get full-time jobs from home, where they live will depend on how much it costs and how much they like where they live.
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Rates on 30-year fixed mortgages from Freddie Mac have gone up a little bit in the last few weeks. The average rate rose to 5%. That news might make you question the timing of your home search, but the truth is that timing has never been more important. You may want to put your plans on hold in the hope that prices will go down, but that will only cost you more. There is a good chance that mortgage rates will keep going up over the next year or so.
For people who want to buy homes, here are some things to keep in mind as mortgage rates rise.
Your mortgage rate is very important when you look for a house. As interest rates rise, they change how much you'll have to pay each month for your mortgage, which affects how much you can afford to buy. Using the chart below, you can see how even a quarter-point change can make a big difference to how much you pay each month.
Why Pre-Approval Is an Important Step for Today's Homebuyers
When you buy a house this season, you need to be careful and competitive to get the best deal. When you buy something, you need to get it approved first before you can get it. To find out how much money you can borrow for your loan, you need to get pre-approved from a lender. Peter Warden, who is the editor of The Mortgage Reports, explains why:
The lender will check your personal finances and send you a letter that says how much money you can get from the lender. In addition to setting a price range, this lets sellers know that you're ready to make an offer.
Because today, that's very important. As many people want to buy a home as there are homes for sale, there is a lot of competition between them. In general, the National Association of Realtors (NAR) says that the average home is getting 4.8 offers when it goes on the market. There are still a lot of bidding wars, as a result.
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