People always ask me how the local real estate market is performing, and the answer always depends on whether you’re buying, selling, or investing.
If you’re a seller, you’ll find that now is a great time to put your home on the market. Buyer demand is high and inventory is low, so you stand to make a good profit if you get your home on the market now. Just remember, it needs to be priced correctly and in good condition.
If you’re looking to buy a home, now is also a good time to do so. Interest rates are at historic lows (below 4%) and there are a lot of excellent loan products available. It’s more affordable to buy a home right now than it has been in a very long time. It’s a lot cheaper to pay a mortgage right now than it is to pay monthly rent, so if you’ve thought about purchasing a home, then now may be the time to pull the trigger. This is also true because interest rates are currently on the rise, so your affordability may drop if you wait to buy. “You have a really great opportunity to capitalize on a move-up home sale.” Investors will have a little tougher time flipping homes, but rental rates are increasing so you may find comfort in that fact. I would recommend investing in rental homes over properties that you’re just going to flip.
Overall, inventory is extremely low in our area. If your home is worth more than $200K, there is only about 1 month supply of inventory. If your home is worth less than $200K then you will find that there is only 1-2 weeks worth of inventory. This means that you have a really great opportunity to capitalize on a move-up home sale.
If you’d like any assistance buying, selling, or investing in a new home, then please don’t hesitate to reach out to me. I would be very happy to assist you!