Three questions today’s buyers need to ask before buying their next home.
Today, we’re addressing three critical questions you should consider before buying your next home. In the dynamic world of real estate, conflicting housing headlines are common. Still, many economists agree that rates will likely drop in the coming year, which might tempt you to postpone your home purchase. However, understanding three key aspects of our local market will guide you toward the right decision.
The first question to ask is: What is the current number of homes for sale? Nationwide, there are less than half the number of homes we had a few years ago, before the pandemic. Fewer homes mean more competition among buyers.
“Understanding three key aspects of your local market will guide you toward the right decision.”
The second question to ask is: What is the price trend? Know that a staggering 80% of housing markets are witnessing month-over-month price increases. Lastly, the third question to ask is: How high is buyer demand? Two good ways to track that are how quickly homes go under contract and how busy the traffic is at open houses. Know that these are increasing.
A market characterized by low inventory, rising prices, and soaring buyer demand will only become more competitive. With dropping rates come more prospective buyers, which invariably leads to escalating prices. Therefore, this may be an opportune time to start building equity.
If you would like to know what’s going on in our local market, reach out anytime. We would always love to help you, so call or email us anytime.
