Buyer Checklist

Contingencies may be necessary when you are putting in an offer on a home.
One kind of contingencies, is the purchase will be contingent on the sale of your home. Another contingency which is used often is an appraisal contingency. If your home doesn't appraise, you have this contingency to protect you.

Getting pre-approved is crucial for knowing what type of home you can afford. Ready to begin the home buying journey? Let me know and I can guide you through the process. #HouseExpert #RealEstate #RealEstateAgent #ListReports #HouseHunting #realtor #themoreyouknow

Rate Drop: 30-year Mortgages Hit Lowest Point in 3 Years

Rate Drop: 30-year Mortgages Hit Lowest Point in 3 Years: Long-term mortgage rates fell for the third straight week, with the average 30-year fixed-rate mortgage dropping to 3.45% from last week’s 3.51%.

Low Inventory What Does That Mean?

Low Inventory,  what does that mean

Housing Inventory Vanishing: What Is the Impact on You?

The real estate market is expected to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest available housing inventory in two years. The report explains:

“Last month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.”

The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:

George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter the market:

“The market is struggling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for many to purchase their first home. The significant inventory drop…is a harbinger of the continuing imbalance expected to plague this year’s markets, as the number of homes for sale are poised to reach historically low levels.”

The question is: What does this mean to you?

If You’re a Buyer…

Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a shortage in inventory could lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, if you truly love it.

If You’re a Seller…

Realize that, in some ways, you’re in the driver’s seat. When there is a shortage of an item at the same time there is a strong demand for that item, the seller of that item is in a good position to negotiate. Whether it is price, moving date, possible repairs, or anything else, you’ll be able to demand more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.

Bottom Line

The housing market will remain strong throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing both.

February Spring Buying Season Has Begun!

https://www.keepingcurrentmatters.com/2020/01/08/the-new-spring-real-estate-market-is-here-are-you-ready/


Some think April begins the spring Real Estate season in Florida, but that is not what the statistics actually show.
February is the most monthly views per listing on realtor.com, says Keeping Current Matters. So plan early, whether you are selling or buying.

With the reality of fewer homes on the market in the winter, and that supply naturally increases as we head to the spring market, waiting for more competition to list in your neighborhood this year might put you behind the curve. Perhaps now is the time to jump into the market.

George Ratiu, Senior Economist at realtor.com says,

“As shoppers modify their strategies for navigating a housing market that has become more competitive due to rising prices and low inventory, the search for a home is beginning earlier and earlier.”