Interest Rates Will Drop Again

What will low rates mean for your real estate goals? Find out today.

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Chief economists have recently reported that 175,000 fewer jobs were created this year than what was projected. In other words, the economy is not in as good a position as you might think. This development does bring some good news, though. Namely, interest rates are expected to soon reach figures never before seen in real estate history. And low rates mean a high level of opportunity for homebuyers. Even a small change in interest rates can greatly impact affordability.

Low interest rates mean great things for sellers, as well. Although there still isn’t a lot of inventory, throngs of buyers have been incentivized to make a move as a result of these low rates. In other words, demand has shot up despite the current lack of supply. However, this might not continue to be the case if supply grows significantly over the next few months. We will see a shift in the market eventually, whether it comes in six, 12, or 18 months. And when this shift occurs, prices will likely flatten out.

When rates are low, it’s a great time to buy or sell.

So could you potentially buy a home for less money if you waited a year to make a move? Maybe. But keep in mind that rates might be higher at that point. If interest rates rise even by 1%, your buying power will drop 10%. So even if you buy a home for less, your monthly payment will be more.

With all of this in mind, the first step you should take when you’re considering buying is to speak with a lender. If you can qualify to buy now, I believe you’ll get a better rate today than you would 12 months from now.

The bottom line of today’s message is this: When rates are low, it’s a great time to buy or sell.

If you have any other questions, would like more information, or would like to discuss your real estate goals, feel free to give me and my team a call or send us an email. We look forward to hearing from you soon.

What Was Your Missing Link When Selling Your Home?

There are three reasons why homes typically fail to sell. Here they are.

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If you’ve tried to sell your home in the past and the sale was unsuccessful, this message is for you. It’s not for homeowners who canceled their listing because of personal reasons.

If you follow my blog, you know that I’ve said that pricing plus preparation plus exposure equals a record-price sale. If you've tried to sell in the past and failed, here’s what I want you to do: I want you to audit your experience. First, think about the price that you set for your property. Was it fair? Was it based on your current competition and what they were selling for?

If your price was fine and you still didn’t sell, maybe you didn’t prepare your home well enough to sell. When we take a listing, our goal is to put out the highest quality product. In a perfect world, we’d stage every home to attract buyers and make them fall in love, but we can’t always do that. You have to do what you can within your resources to put out the highest quality product.

I want you to audit your experience.

When you previously listed your home, was it clean? Was it decluttered? That’s another missing link that can turn buyers off even if the price is right.

The final missing link is the exposure that your property had. Maybe you hired an inexperienced agent who didn’t have a strategy in place to sell your property.

If your home came off the market, but you still want to sell it, you have to ask yourself what was the missing link: pricing, condition, or your agent?

If the agent was your problem, it’s time to find a new agent who can help you achieve your goals of selling for a record price. Our team specializes in selling homes like these so if you or someone you know is thinking about relisting any time in the near future, don't hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon.

Is Now a Great Time to Upgrade or Downsize From Your Current Home?

Our real estate market is in a unique position right now. This is great news for home sellers who are looking to upgrade or downsize from their current situation.

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Selling a home? Click here for a FREE Home Price Evaluation

Today I’m talking to the homeowners out there who either need more or less space than what they currently have in their home. Right now, it’s a fantastic time to consider upgrading or downsizing for a few reasons.

First, interest rates are now below 4%. While it’s obvious why this is good for buyers, it’s also good news for sellers. The more buyers that qualify for a home in your price range, the better the chances are of you selling for a great price. More and more buyers are entering the current market, qualifying for more, and having a lower monthly payment. They're actively and aggressively looking for homes.

Second, inventory for great properties is still really low. As supply goes up, demand falls. Our supply is still extremely low, so demand is still high. When you combine that with the low interest rates, it’s the perfect time for you to get your home sold for top dollar.

Right now, you can sell high and buy low.

Here’s the kicker and why it makes sense to downsize or upgrade right now: Inventory is going to significantly rise in the next few months. Right now, you can sell your home for a record price, then when you’re ready to buy after that, you’re going to be in a position where you have a lot more options and a lot more control in the transaction. You’re probably going to find a great deal.

Everyone likes to sell high and buy low and our real estate market is set up perfectly for doing so right now. If you or someone you know is in a position to make a move, don’t hesitate to give me a call or send me an email today. I look forward to hearing from you soon.