If you've been looking at buying or selling your home right now, you've probably seen that there is a housing shortage.
This isn't localized to our area, it is a problem across the United States. Interest rates are historically low, millennials are ready to purchase their first homes, and there is a lack of inventory in the real estate market right now. So, what should you keep in mind with the current housing shortage?
Be Ready to Make an Offer
If you're currently house hunting, do your due diligence now to be ready to make an offer. With low inventory levels, there is a lot of competition for those new listings. Be ready to look at listings when they hit the market. Also, be prepared to put an offer in sooner, rather than later. Otherwise, you might just miss your chance.
Now is a Great Time to List Your Home
The old data that says spring is the best time to sell your home no longer holds up. With the current market, anytime is a great time to list your home and get top dollar for it. So, don't wait until the Spring to put your house on the market. Contact us today to get comps and pricing for your home.
Lowest Interest Rates
These historically low-interest rates could not have been predicted a year ago, but people are taking advantage of them. People who didn't think they could afford a home before can get one with the best interest rates seen in decades. These rates are one of the reasons for the shortage of real estate inventory.
If you're waiting to purchase a new build home, you could be waiting some time. There is a shortage of materials and skilled labor to complete as many newly built homes as are needed in this market. With that in mind, it will also cost you much more to construct a new home than it has in years past.
If your family is living in cramped quarters, this newfound equity in your home could allow you to purchase a larger home with a similar monthly payment. Talk to a realtor to get an idea of what your house could list for. Also, speak to a lender to see what interest rate you could get and what that means for a monthly payment. You might be surprised.
If you're curious about your equity, or anything else related to the housing shortage, contact us! Our team is here to answer any question you might have and help you get to the house you've been dreaming of. Call or email us to get started.