The housing market frenzy from 2020 is expected to carry over into the new year. If you’re navigating the market in 2021, here are insights to help guide your journey.
Low interest rates can reduce a monthly payment by as much as $100-$200, motivating many renters to transition into homeownership.
The number of buyers entering the market coupled with low interest rates is contributing to record low inventories and high prices across the country.
As a buyer, you need to be emotionally prepared for navigating a competitive market. You will likely compete with multiple offers and may have to look for a longer time period to find the right home.
Homes in many markets are selling for well above the asking price. Buyers should be prepared to make offers on several homes before having an offer accepted. Cash buyers can be at a definite advantage.
If you are a Buyer who can pay a price above the anticipated appraisal value of the home, be sure your offer includes the terms of how an appraisal shortfall will be absorbed.
Strategies that can strengthen your offer include increasing the earnest money above the amount requested by the seller, a flexible timeline that meets the sellers’ needs, and a preapproval letter from a qualified local lender or documentation to support your cash offer.
It’s okay to have a wish list as long as you’re flexible.
After a year of social distancing, buyers are looking for space that allows family members to enjoy privacy, such as home offices and outdoor space. Some buyers are
looking for in-law suites to bring the family under one roof, either now or in the future. The trend for buyers to accommodate aging relatives has grown during the pandemic.
As a seller, you may not be able to control the square footage or floor plan of your home, or provide access to outdoor space, but there’s one thing that will help to make your
home stand out: renovations.
If buyers have a choice between an updated home and one that is not, renovated homes typically have greater appeal. In spite of reduced inventory, homes needing
work can linger on the market.
An experienced agent can help you get the house you want, the most money for a home you’re selling, and help you feel secure and confident throughout the complex process of real estate.
Give me a call to discuss your next home sale or purchase!