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.
Real estate agents are considered to be essential workers in many areas. Therefore, even the pandemic is not going to make it completely go on a pause. Realtors are one of the frontline heroes who help keep our communities and economy intact. For this reason, there are local safety protocols that we should obey and strictly implement so that we do not compromise ourselves and those around us.
Here are five safety measures we recommend everyone to follow when performing realtor duties.
1. Bring disinfectant wipes and wipe all doorknobs and light switches before and after you touch them.
2. Be mindful not to touch surfaces unless necessary. If lights are on do not turn them off if the home is occupied! If interior doors are open do not shut them if the home is occupied.
3. If a client has had symptoms of fever or respiratory illness such as coughing, shortness of breath, or sneezing, please refrain from showing at this time. If a virtual tour or video is available, and if applicable, have the client view the material in the MLS.
4. Refrain from bringing children or extra family members or friends that are not the decision-makers into the home during the showing to ensure that social distancing can still be implemented.
5. Plan and schedule showings so none will overlap with other agents. Physical distancing must be observed at all times.
For most people, moving from one home to another can be wearisome. Scheduling your move is one great way to make the experience a smoother and happier one for you and your entire family.
When is the best time to move? Many people will say that summertime is the most ideal time to pack your bags and call your movers; we agree!
The long days and abundance of daylight make it more manageable to move in and out of a home, especially if you are not hiring a moving company. Moving in the summer means no school will be disrupted if you have kids and that could mean an extra set of hands to help with the packing and moving.
Summertime is selling season in many markets, so as the sun heats up, so does the housing market.
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