The Top Story is what a market shift means for buyers. Jay Papasan discusses how the market has been a buyer’s market for a few years now, but that is shifting, as the inventory of homes for sale is at the lowest it has been since 2005.
So, what does this shift mean to you? Expect competition – mulitple offers are back! Homes with the best prices, in the best condition and in the best location are selling fast. So you have to be ready. If you see that perfect house that you WANT, you have to be pre-approved and READY to make the best offer you can.
Homebuyers also need to PRIORITIZE. Being clear on your wants and needs is especially important. With fewer choices available, you may have to compromise a few of your wants, but you should never compromise on your needs.
Having a profressional real estate agent to guide you through the shifting market in the Lake Wylie area is very important, especially for Lake Wylie Waterfront Homes or Waterfront Property.
Home sales and prices confirm that a healthy recovery is continuing in the national housing market: sales have been above year-ago levels for 20 consecutive months, while prices have experienced 12 consecutive months of year-over-year gains. “Even with rising home prices,” states NAR President Gary Thomas, “affordability remains historically favorable because home prices over corrected during the downturn. This means there is still great value for buyers in the current market.”
Wrth a positive outlook on a recovering housing market and mortgage rates at historically low rates, now marks one of the most favorable times in history to buy or sell a home.
Home sales were up 2.1% this month to a seasonally adjusted rate of 4.98 million units, a 11.6% increase from last year.
The median home price remained at $173,600 from last month as seen in the March Real Estate Update. This is up 11.6% from the same time last year, where we saw the median home price was $156,000.
Inventory- Month’s Supply
Housing inventory levels increased 9.6% to 1.94 million existing homes for sale, which represents a 4.7-month supply, a strong seller’s market Inventory is down 19.2% year over year, when there was a 6.4-month supply.
Interest rates this month changed very little from last month, wtth rates at or around 3.54% for a 3Cl-year mortgage. “In the history of mortgage interest rates since 1971,” slates Gary Thomas, “the 30-year fixed rate has been below 4% in only 15 months, and those have all been in the past 15 months.”