If you are planning to become a homeowner this year, these three facts about fall real estate will help you make an informed decision.
Image by Jens Neumann from Pixabay
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!
90% of home shoppers today are likely to start their research online. 89% of them use the internet to search for real estate agents. What does this mean for realtors? It means now is the best time to advertise HUD Homes to get buyer leads as long as you get an approval from HUD and/or the listing agent. There are a variety of homes on the HUDHomestore.com that may appeal to our home buyers. Knowing what they are looking for in a home is key to matching them with the best HUD home. Here are some tips to help you get started.
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