The real estate market has been red hot this year, with many people looking to purchase a home because of record-low interest rates. This includes younger individuals, as younger generations are interested in owning a house for the first time. The past couple of years have been anything except normal, and the housing market has taken off, with demand far exceeding supply. Why is this taking place?
Record Low-Interest Rates Are Driving People Into the Market
Even though there are many reasons why people are interested in purchasing a home, incredibly low-interest rates are one of the biggest reasons. Many people are interested in taking out a home loan with a 30-year term. Potential homebuyers think that they may never see interest rates this low again. As a result, many are looking to capitalize on this opportunity before it disappears. This is increasing competition for homes on the market, driving up their values.
Interest Is Skyrocketing Among Younger Individuals
Record-low interest rates are appealing to just about everyone, but it is a particularly attractive option for young homebuyers. Many are just beginning their careers and are looking for ways to build wealth. One of the best ways to do so is through homeownership. Many research bureaus have noted that there is a sharp increase in younger individuals looking at houses.
Many Are Facing An Uphill Battle
Even though there are many young individuals and families looking for houses, there are a number of challenges they will need to overcome. One of the biggest challenges is that there is a historic shortage of inventory. Even though potential homeowners might be able to lock in a low interest rate on a loan, they might not find a house they can purchase. It is difficult for young home buyers to compete against older individuals and families who can make a cash offer. If a bidding war takes place, younger homeowners rarely have the cash to come out on top.
Asking For Help Is Key
Even though today’s mortgage rates are attractive, it is critical not to overpay for a house. Asking for help from a professional can help potential homeowners make the right decision.
The real estate market and all the things involved in selling a home can seem complicated, and it can be very hard to know which tips to trust. While there’s plenty of great advice to go around from many knowledgeable sources, here are some of the best tips from home sellers who have made a successful sale.
Research Your Local Agents
When considering an agent that will meet your home-selling needs, it can be tempting to go with someone familiar or recommended through a friend who seems like a safe bet. However, it’s important to do some of your own research. Create a list of agents you’re impressed by and take note of their sales and agent fees. Keep in mind that you may want to lean towards an agent who has expertise in your neighborhood.
Get A Second Opinion On Price
Before you have an agent appraise the value of your home, it’s worthwhile to do some research on your end to determine the approximate value of your property. Once you’ve arrived at a figure, bring in the agents you’ve selected to appraise the value of your property. If one price is significantly higher than the other, it may be a sign that an agent is trying to win over your business. Most agents are in tune with the current market and should be able to guide you toward the most appropriate market price.
Be House Ready At All Times
Having potential buyers view your home will certainly make the idea of selling it real, so make sure that it is ready for viewing at any time. If a potential buyer cannot view your property or has to work around your schedule constantly to arrange viewings, there’s a pretty good chance that you may lose out on some good home offers. Instead of missing out, provide a set of keys to your real estate agent so they can show people around your home when you’re not around. This should automatically increase the likelihood of an offer on your home.
Heading into the real estate market can be a matter of trepidation if you’re not sure what to do, but by doing some research and being prepared you’ll increase your chances of success. As soon as you begin to consider putting your home on the market, be sure to contact your trusted real estate professionals for more information and expert guidance.