If you are planning to become a homeowner this year, these three facts about fall real estate will help you make an informed decision.
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1. Price Fluctuations Zillow reports show that around the same time last year, there is a 4.1% increase in the median home value in the USA. With Coronavirus coming into the picture, fall may see home values drop across the board, causing a bottleneck in the housing sector. While prices are forecasted to decline, experts believe that it to be temporary, and the housing market will see a sooner increase in some areas due to the restrained demand. Given the housing situation, the question for many homebuyers remains, is it a good time to buy a home? Yes, the fall real estate market may be the perfect time to be a homeowner.
2. Low Inventory.
The low inventory levels limit the housing market from optimizing its potential; there are not enough homes to keep up with the demand. Distinctly, new construction homes are becoming more popular and are adding to the supply of housing inventory. For homebuyers who are looking for green and energy-efficient dwellings, the new construction projects would be their best option.
3. Low Mortgages. The Federal Reserve announced that it is going to keep the mortgage rates low for the next few years. As of August, a 30-year fixed-rate mortgage carried an interest rate of 2.94%, according to Freddie Mac. Although buyers aren't sure how long rates will remain this low, today's rates are saving homebuyers a lot of money over the life of the loans and allowing them to buy more house!
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Homelight recommends listing your home as soon as possible if you are planning to sell your property within the next 24 months. If the economy comes to a significant decline, it will be more challenging to sell your home in the next 6 months versus now. Some of the buyers may have come to a halt on their home search, but those who remain financially stable would be enticed by low mortgages and more balanced market conditions. It is recommended to work with a realtor you can rely on as it is key to making the plan of selling your home to fruition. You and your realtor can have meetings using teleconferencing apps such as Zoom, FaceTime, GoToMeeting, and Skype if you are not comfortable with meeting in person. If you prefer to practice physical distancing, tapping in on technology is a great way to efficiently accomplish getting your home listed and on time. There are various virtual showing tools and applications that your realtor can use to show your home to potential buyers and restrict the physical showing of the property to the most serious buyers while taking all the extra health and safety measures. You can also use this time to declutter your home, spruce up the landscaping all while adding value to your home.
The only thing in this world that is constant is CHANGE.
COVID-19 is forcing the world right now to face yet again, another great transformation that will bring about revisions to our social and economic organizations. Our current situation has impacted all industries, and the challenge now is how do we keep our businesses afloat. Now more than ever, it is essential to build and maintain a relationship with our clients to keep our business strong and running. We've gathered a few tips from the internet on how, as realtors, we can continue our connection with our clients during this pandemic. Here are 3 of our favorites:
For all of your real estate needs, contact the professionals you can rely on! Contact SCOTT REALTY PROFESSIONALS!
We've just entered the first quarter of the year and it is already beginning to look promising as things start to pick up in the real estate market. The new year seems to be staying true to what the term 20-20 means, which is a clear vision. According to realtor.com, a lot of home buyers will start shopping for a new home early January this year. This is attributed to the sub-4% mortgage rates, low unemployment, and higher wages. Also according to realtor.com, "January saw a surge, ranking as the top month in 20 of the 100 largest metro areas, including New York, Los Angeles, Chicago, Dallas, Houston, Seattle, San Francisco, Atlanta, San Jose, California, and Denver."
Today is always a good day to buy a property. For all of your real estate needs, please call Scott Realty Professionals and our team of professional realtors will be very happy to assist you with your homebuying journey. We service Georgia and South Carolina.
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