Would you like to buy a new home, or first home, this year? Getting your finances into shape and a couple other key strategies will help you improve your home-buying odds. It’s a competitive market, so do everything you can to come out on top.
Real estate trends have been a bit unexpected, starting with the pandemic, and continuing through 2021. While there was early caution over COVID-19 slowing real estate activity, demand in many communities has risen. At the same time, economic uncertainty kept many homeowners in place, especially those that refinanced with historically low interest rates, creating a shortage in inventory. Supply chain woes slowed new construction. Yet, people continue to look for new homes, with high demand expected to continue, even as interest rates rise. Lets take a look at state and local data over the past year.
Sellers might be wondering if putting their home on the market in the winter will result in a sale. Though the snowy months are generally a slow time for home sales, this past year has been anything but typical. So, should you try to sell your home now?
Rising mortgage interest rates could be a curse or a blessing for prospective homebuyers, depending on a host of factors. With a housing shortage, builders unable to meet demand, and millennials wanting to become homeowners, rising interest rates are a new wrinkle in the home buying challenge.
Baby boomers are seeking a simpler life and an easier to take care of home. However, this means moving into a lower priced housing market traditionally sought by young families. In an already fiercely competitive market, this makes home buying a challenge for everyone—boomers, and younger buyers alike.
It’s okay to begin shopping for a new home online, but at a certain point you will need to take that search into real life. Online searches can simplify some tasks but be aware of some downfalls to spending too much time internet shopping, especially in today’s market.
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:
Moving to a new home is an exciting time, but it is also a monumental task that can leave you feeling overwhelmed. This is especially true when downsizing. What others may see as clutter is your life lived as you remember it. We’ve put together a few simple strategies to help you get moving, and take some memories along with you.
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.
It can be exiting to buy a new home. However, if you are trying to sell a home at the same time as buying it can be stressful, especially if money from your current home’s sale is needed to put toward your next home. However, with a little planning and working with a savvy real estate agent can ease the process for both of these transactions.
To keep your sanity intact, here are some tips to help you manage the process.