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!
According to experts, 2020 will be a positive year for the housing market. Although most homebuyers will likely buy during the spring season, it is beneficial for real estate agents to start building a connection with homebuyers as early as the first quarter of the year, especially with 1st-time homebuyers. With this in mind, here are 3 tips on how to win the hearts of 1st-time homebuyers.
1. Build Rentals Into Your Business. This will mean investing in making yourself familiar and knowledgeable with rentals, but it's all worth it in the long run. Renters you have worked and maintained a good relationship with will likely come to you when they decide to transition to being homeowners.
2. Connect With Banks and Mortgage Lenders. Since banks and mortgage lenders work closely with homebuyers in financing the purchase of their home, it is smart to reach out and offer your partnership with these institutions.
3. Work Local Events. Market yourself and your service in your local area by leading 1st-time homebuyers in the right direction and assist them with setting goals to move towards homeownership. Get out and host a homebuyer's workshop that will teach buyers the entire process.
Are you looking to purchase or sell a property? Call the professionals you can rely on, call Scott Realty Professionals.
If you are ready to make the choice and start a new chapter, you can always rely on Scott Realty Professionals to help you every step of the way.
Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.