According to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels this spring and they’re projected to remain low. This is even more motivation for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well.
That said, there’s no doubt that even though buyers are ready to buy, it’s hard for many of them to find a home. Mortgage rates aren’t the only thing hovering near all-time lows; homes available for sale are too. With housing inventory as scarce as it is today – a nearly 20% year-over-year decline in available homes to purchase – keeping buyers in the purchasing mood may be tough if they can’t find a home to buy.
What Does This Mean For Buyers?
Competition is hot with so few homes available for purchase and low mortgage rates are helping to drive affordability as well.
Getting pre-approved now will help you gain a competitive advantage and accelerate your homebuying process, so you’re ready to go when you find your Dream Home. Working quickly and efficiently with a trusted member of the Sharon Q Team will help put you in a position to act fast when you’re ready to make your move.
What Does This Mean For Sellers?
If you’re thinking of selling your house, know that the motivation for buyers to purchase right now is as high as ever with rates where they are today.
Selling now before other sellers come to market in your neighborhood this summer might put your house high on the list for many buyers. Homebuyers are clearly in the mood to buy, and with today’s safety guidelines and precautions in place to show your house, confidence is also on your side.
Whether you’re in the market to buy or sell a home, give us a quick call and we’ll get you on the right path!