Housing market update
The days of paying more than the asking price and multiple offers are gone. Instead, home prices have stabilized, and inventory has increased, making it a great time to look for a home and buy this winter.
Is this a good time to buy or to sell? Generally, it is a good time to do both; every case is different, depending on your situation.
Let’s talk about selling first. Home prices have fallen but are still up by double digits from a year ago. So, you can still get more money for your home than expected in a regular market. If you own an income property and want to downsize or upgrade, it is still an excellent time to sell.
Let’s talk about buying. Mortgage rates hover around 6.58% for a 30-year fixed-rate loan, which is higher than we have gotten used to in the past few years. But home is necessary, and if you need a place for you and your family, the interest rate should not stop you. Besides, rent is costly and exceeds mortgage payments in most cases. Also, keep in mind that interest rates go up and down, and you can always refinance to a lower rate later. Also, lenders provide incentives and programs to get around current interest rates, such as arms, lower closing costs, and buying down points, depending on your situation.
The key to successfully buying or selling a home is working with a real estate professional who is knowledgeable and connected with all aspects of the market. You may find a lot of information online. However, you still need a professional to walk you through the process, negotiate on your behalf and give you the correct information to make sound decisions on the most significant investment in your life. For a free evaluation, call 313-819-0101.