Finding a home for buyers right now is still challenging in the North Texas area. Especially first time homebuyers. Sellers are realizing that now is the perfect time to sell, with high demand, however, the interest rates are starting to tick-upwards and this will cause a slight decline in buying power for the buyers. Now is the time to sell if you have been on the fence.
Recently released data from the National Association of Realtors (NAR) suggests that now is a great time to sell your home. The concept of ‘supply & demand’ reveals that the best price for an item is realized when the supply of that item is low and the demand for that item is high.
Let’s see how this applies to the current residential real estate market.
It is no secret that the supply of homes for sale has been far below the number needed to sustain a normal market for over a year at this point. A normal market requires six months of housing inventory to meet the demand. The latest report from NAR revealed that there is currently only a 3.6-month supply of houses on the market.
Supply is currently very low!
A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers who are actually out looking at homes) disclosed that “foot traffic grew 10.5 points to 52.4 in March as the new season approaches.”
Demand is currently very high!
Waiting to sell will only increase the competition between you and all of the other sellers putting their houses on the market later this summer. If you are debating whether or not to list your home, let’s get together to discuss the conditions in our market.
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Moving Up to Your Dream Home? Don’t Wait!
Mortgage rates are just one important aspect of buying a home. The interest rates are an important component when considering the purchase of a home if you are going to finance it. They can affect buyers buying power. The majority of people finance and that means interest rates, so if interest rates increase… your buying power decreases. Now is the time to move up since you are considering a move.
At a local level in Highland Village,TX, buyer confidence remains strong with beautiful homes in a lakeside setting.
Particularly in and around Highland Shores 75077 zip code. The addition of new stores and business entities in the area makes Highland Village one of the greatest areas of Highland Shores, Highland Village, TX.
Today we would like to talk to you about Moving Up to Your Dream Home? Don’t Wait!
Mortgage interest rates have risen by more than half of a point since the beginning of the year, and many assume that if mortgage rates rise, home values will fall. History, however, has shown this not to be true.
Where are home values today compared to the beginning of the year?
While rates have been rising, so have home values. Here are the most recent monthly price increases reported in the Home Price Insights Report from CoreLogic:
- January: Prices were up 0.5% over the month before.
- February: Prices were up 1% over the month before.
- March: Prices were up 1.4% over the month before.
Not only did prices continue to appreciate, the level of appreciation accelerated over the first quarter. CoreLogic believes that home prices will increase by 5.2% over the next twelve months.
How can prices rise while mortgage rates increase?
Freddie Mac explained in a recent Insight Report:
“In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”
If you are thinking about moving up to your dream home, waiting until later this year and hoping for prices to fall may not be a good strategy.
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Are those FREE consumer credit scores the “real” credit score when buying a home?
Credit scores are an area of personal finance that seems a lot more mysterious than they actually are. Many people believe that improving them is a matter of trial and error and, as a result, there’s a lot of “credit score advice” floating around that can end up doing more harm than good.
Have you ever been driving in a neighborhood… or for that matter your neighborhood and wondered to yourself… Wonder what the sellers are selling that home for?
Well, we have the answer. A simple way to know for any area or state! Simply download this FREE app and use the code: A35371
A home inspector will look at everything. Home inspectors have a 1,600-item checklist, according to the National Association of Home Inspectors and the average home inspection can take three to four hours – or even more if you have additional inspections, such as termite inspections, included.
Here are just some of the areas checked during a home inspection:
Home inspections are non-invasive, meaning your home inspector will not be breaking into walls or under tile floors, for example, to be able to inspect what lies beneath or within.
We believe you need a trusted and highly skilled inspector when purchasing a home and we have an inspector list that we recommend for our clients.