The housing market is crazy these days! The movement of the buyers and sellers is very volatile, so it’s really understandable why others are not taking the dive! But the truth is, once you understand the movement of the market, you would be able to grab the best opportunity for you! So whether you’re a buyer or a seller, read on to know the biggest perk for you!
Biggest Perk for a Buyer: Low Mortgage Rate
Buyers may have missed the all-time low mortgage rates but current rates still offer a very good opportunity in home buying!
Check this out to see the comparison of mortgage rates across the past 5 decades! Let’s Put the Current Mortgage Rates in Perspective
There is also no doubt that new homeowners get gains in their net worth because they’ve bought a home! CEO of CoreLogic said,
Positive factors like record-low interest rates and a booming housing market encouraged many families to enter homeownership. This growing bank of personal wealth that homeownership affords was noticed by many but in particular for first-time buyers who want a piece of the cake. As a result, we may see more of those currently renting start to enter the market in the near future.Frank Martell, President and CEO of CoreLogic
Need help in funding your downpayment? Read this: How to Get Down Payment for Your House Fast?
Making an offer? Do not do these: 5 Mistakes When Making an Offer
Biggest Perk for a Seller: Low Inventory
Now if you are a potential seller, the biggest perk that you have right now is that there are many potential buyers because of the low mortgage rates, and only a few are sellers. That means buyers are willing to compete and compromise if they love the house you’re selling! On average, a house receives 4.1 offers and gets off the market in an average of 20 days!
If you’re thinking of selling your home, now is the best time while only a few are really serious about it.
Whether you are a buyer or a seller, the housing market can get prety overwhelming. Make sure to gather a lot of meaningful data and talk to experts before making your move. An expert advice can either make you gain or lose thousands of dollar along the way.