The opportunity to earn the best possible deal for your home has not yet passed. Here’s why….
Spring is right around the corner! Today I will share with you a few of my thoughts on the housing market this year.
There has been a surge of buyer demand from millennials entering the market nationwide and Cincinnati is no exception. This is great news for anyone thinking of selling this year.
Experts say that 2020 may be even more lucrative as the largest group of millennials are or soon will be entering the peak household formation and home-buying age. This is expected to have a massive impact on buyer demand across the nation.
There is no time like the present. Not one of us can predict the future, but historically there are ebbs and flows to the real estate market. We’ve enjoyed many years of positive growth but it won’t last forever.
The following three reasons tell us that the opportunity to earn the best possible deal for your home has not yet passed.
- Rates are still historically low. If you are a buyer, don’t let recent talk about a market slowdown scare you off of seizing this opportunity. While there was a little upturn of rates in the last week stemming from the Coronavirus, today’s rates are at below 4% and in some cases below 3 and ½ % -which are incredible when compared the rates buyers could obtain in the past. Because of this there is no better time for buyers to buy then this year. Also, due to the lower rates many buyers can afford to buy more expensive homes than they would have qualified for in past years. If you’re selling a home, this also provides some leverage because as the demand increases home prices will remain strong.
- The rental market is also strong and rents are increasing. On average renters are paying more to rent now than they would be paying for a mortgage and taxes. This can only add to the desire to buy versus rent.
- Supply is down in many areas. This is especially prevalent in areas that are especially popular and especially for homes priced within the range of a first time home buyer.
To sum it up, this year offers a lot of opportunities for both buyers and sellers. Whether you’re buying or selling, please give me a call and I will be happy to help you to analyze your unique situation so that you can make an informed decision. Please send me an email or give me a call. I look forward to hearing from you soon!