What Buyers Need to Know
- Mortgage rates are hovering below 6.5%, which means your budget may go further than it did a few months ago. For example, a buyer on a $2,500 monthly budget can afford to spend about $27,000 more on the sale price of a home than they could have when rates peaked. I can get you in touch with my Bay Equity lending partner to help you learn more about your personal financial picture and how to lock in a great rate.
- Prices are still moderating in most markets, but with pending sales on the rise for the first time in months, that could soon change. Right now is a good opportunity to get into a home at a realistic price and while many sellers are still open to negotiations.
- We’re starting to see bidding wars once again on the most attractive, well-priced homes. Inventory should increase over the next few months, but if you find a home that checks all of your boxes now, it’s a good idea to put in an offer before competition rises more.
What Sellers Need to Know
- The housing market was stronger than anyone expected in January, with more buyers contacting agents and going on home tours. The pool of buyers who will be interested in your home may be larger than you think!
- Competition is stronger than anticipated, as 37% of pending listings spent less than two weeks on the market. Buyers are most interested in well-priced, move-in ready homes, so it’s important to make a good impression when you debut. I can help you identify any updates you need to make before listing and create a pricing strategy that attracts strong offers.
- While home prices are down from their peak last year, they’re still higher than they were last February. Combined with rising homebuyer competition, you may be surprised by how much value you can get for your home.
- If you’re thinking about moving to a new city this year, We have lending partners who can help. I’m happy to introduce you to my colleagues.
