Buyer and Seller Guides for Winter 2021 are here!
Our Buyer and Seller Guides offer a wide variety of up to date real estate market information and processes to follow when buying or selling a home.
For those who are looking to buy a home next year, there really isn’t any reason to wait until the spring. Why is that? The housing market recovery has been nothing short of remarkable. Many experts agree the turnaround from the nation’s economic pause is playing out extremely well for real estate, so it’s framing up to be an ideal time to buy a home for those who are ready to make a purchase. Here are just a few reasons why homebuyers could win big this season:
- Mortgage rates are very low. In 2020, rates hit all-time lows more than a dozen times, falling below 3% for the first time ever.
- Buying is more affordable than renting. Due to the trend of low mortgage rates, this has made the typical monthly payment even lower than current rental rates.
- Equity is growing. According to John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity, and 42.1% of homes in the United States are mortgage-free, meaning they’re owned free and clear. With this much equity, the change of the market seeing a rush of foreclosures is not likely.
- Home prices are appreciating. Leading experts say that home prices are forecasted to continue appreciating and many experts are re-forecasting their projections in an upward direction.
All in all, if you’ve been considering buying a home this may be your perfect moment.
Many homeowners think selling in the spring when more buyers are in the market is the way to go. In reality, it’s more about the ratio of buyers to sellers that creates opportunities. Selling when the fewest number of homes are available to buy is what puts sellers in the driver’s seat. With today’s high buyer traffic and low inventory, this power combination makes now the optimal time to sell–before your neighbors put their homes on the market in the spring. Here’s how it breaks down.
- High buyer demand. Buyer demand is strong and showing no signs of slowing down. Buyer showing are up 64.1% compared to the same time last year, according to ShowingTime a firm that tracks the average number of buyer showings on residential properties.
- Low inventory of homes for sale. Purchaser demand is so high, the market is running out of available homes for sale. Homebuilders are also increasing construction, but they cannot keep up with the growing demand.
If you’re thinking of putting your house on the market, don’t wait. A seller will always negotiate the best deal when demand is high, and supply is low. That’s exactly what’s happening in the real estate market today.
Realtor® Sierra Nevada Properties