What the Sellers Market means for you

If you thought about selling it’s a great time to do so. If you plan to buy right now I suggest you take a few steps first to make sure you have all the facts about the area and home you want. The market has a way of fluctuating and we can guess the future but no one knows what it holds. The prediction that rates will increase and we will never see this low again has made some grab for their wallets and buy whatever they can while it’s still good. With the inventory low it’s brought on bidding wars. Buyers are having to be persistent in trying to make themselves stand out in order to persuade sellers to accept their offer. In the first quarter, median sales prices of single-family homes were at least 10% higher than a year prior in 51 metropolitan areas, according to the trade group. That included Charlotte, N.C., up 18%, and Denver, up 17%. Nationwide, median prices rose 7.4%, to $205,200.


It still might be a good time to buy as long you consider your options. Rates are still at an all-time low and if you plan on staying in the home it could be a great long term investment. A strong word of caution for short term buyers as the market is so hot that majority of houses are selling for over asking price and you could get into a bidding war causing you to pay way over asking price. If this happens you could end up spending more than is in your means. You could also end up not making any money, or worse, end up upside down when you go to sell. Sometimes you get caught up in the buying frenzy so it’s very important to step back and evaluate the situation before jumping into anything. Look at the market and determine if the housing prices are going up because of lack of inventory or because of economic growth. If you sway to the second there is a good change the prices will not drop dramatically after. Either way I always suggest consulting a professional. A local real estate agents will have better insight on the area and be able to help navigate to get you in the house you want.

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