We answer all your common questions about our real estate market.
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Today’s market can be pretty confusing. That’s why today, we want to answer some frequently asked questions about buying and selling in our current market:
Do our interest rates still make it a good time to buy?
The short answer is yes! Interest rates may have ticked up slightly, but 3.125% on a 30 year mortgage is still a near-historic lows. We recommend you take advantage of these rates while you can.
Is it still a good time to sell?
This is a question we receive all the time, and in our experience, people don’t tend to look at this question the right way. The reality is, if you sell your home, you’re probably going to end up buying a new one too. Because of this, it doesn’t matter what homes are priced at unless you’re selling an investment property. What you should look at instead is interest rates since they will determine what your new monthly payment will be. As we previously mentioned, interest rates are crazy good right now, so it’s a fantastic time to sell.
Are homes still receiving multiple offers?
We’re still seeing quite a few multiple-offer situations, but less so on more expensive houses. Once you get past the $500,000 range, a home has to be pretty special to receive multiple offers. Under that range, multiple offers are the rule.
Whenever we act as listing agents, we always look for buyers with good agents.
Why are new neighborhoods and other buildings being put on pause?
The truth is, we’re still experiencing shortages from the pandemic. On top of that, whatever building supplies were available have been scooped up by Walmart. This shortage is expected to be resolved around February or March, so new construction will see a boom around then.
What is the trend with home inspection reports?
We see a few people request a no-repair clause in their contracts, but mostly, sellers are offering a lump sum to buyers to fix issues themselves.
How can buyers make their offers more appealing?
In our experience, non-refundable deposits are key. This lets the seller know the buyer is serious. Also, if a buyer agrees ahead of time to pay out of pocket for an appraisal gap, a seller will be much more likely to take their offer. As always, if you truly love a home, it’s always a good idea to offer over the list price and get ahead of the pack.
Do buyers need to hire an agent?
Whenever we act as listing agents, we always look for buyers with good agents. It makes the process much easier if the buyer has a professional guiding them. It gives us confidence that everything will go well.
Hopefully, this Q&A session helped you understand our market a little better. If you have any questions, please feel free to call or email us. We are always willing to help.