A shift is underway in the housing market this season. And if you’ve been sitting on the sidelines waiting for the right moment to jump back into your homebuying search, this is a great time to do it. That’s because statistically the best time to buy a home this year is NOW!
With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting. Here’s some information that could help put your mind at ease by showing that investing in a home is still a powerful decision.
The housing market continues to shift and change, and in a fast-moving landscape like we’re in right now, it’s more important than ever to have a trusted real estate agent on your side. Whether you’re buying your first home or selling once again, it’s mission critical to work with an expert who can guide you through each unique step of the process.
With the rapid shift that’s happened in the housing market this year, some people are raising concerns that we’re destined for a repeat of the crash we saw in 2008. But in truth, there are many key differences between what’s happening today and the bubble in the early 2000s. One of the reasons this isn’t like the last time is the number of foreclosures in the market is much lower now. Here’s a look at why there won’t be a wave of foreclosures flooding the market.
So, you want to make a few renovations to your home, and you are itching to get started. Pause for a minute to consider what features in your home should be left alone. There are a few that should never be touched.
Home prices continue to rise as we move through the summer, and that’s good news for sellers who are looking to maximize their home’s potential. If you’re on the fence about whether to list your house now or later, the question you should really ask is: will this price appreciation last?
In the current sellers’ market, many homeowners wonder what, if anything, needs to be remodeled before they list their house. That’s where a trusted real estate professional comes in. We can help you think through today’s market conditions and how they impact what you should – and shouldn’t – renovate before selling.
Here are some considerations we will guide you through:
Many elements went into creating our current strong seller’s market, but things could shift towards buyers in the future. This year, high buyer demand coupled with low inventory elevated home prices and continues to cause stiff competition when new listings hit the market. Overall, new home construction hasn’t kept pace with demand for the past decade. It didn’t help that the lumber industry was severely affected by the pandemic, driving up home building costs. When you look at all the factors, we are likely to see a seller’s market remain so for much of 2021. But, there are certain aspects that could turn the tides and make it a more favorable time for buyers.
If you are in the market for any type of wood—from plywood or sheeting to standard 2x4s, be prepared for a massive sticker shock. U.S. lumber futures contracts for May 2021 delivery were priced at $1,645 per 1,000 board feet, about 60% higher than they were a month ago and 374% above the $347 contract price average in May 2020. This marks the fastest rise since the housing boom that followed World War II.
With a shortage of inventory of homes for sale in pretty much every U.S. market, the construction industry had risen. But with lumber prices soaring, starts are well below their previous highs.
While a public health crisis gripped the country for the last year, the housing market for some stayed red hot. Most areas of the country remain in a solid seller’s market. Homeowners have seen their home values appreciate and equity grow. Housing inventory was already down at the beginning of the pandemic, and remains low. However, demand remains high. Not everyone was hurt bad enough by the downturn in the economy to hold off buying a home. With historically low interest rates throughout the year, there have been plenty of buyers ready to snap up just about anything that appears on the market. At the same time, people that want to move, especially those looking for affordable housing, are having a difficult time, because there are just not enough homes for sale.