There is no question the housing market has been a challenge for buyers the past few years. Ever since 2020 with COVID, the prices for homes have been increasing and inventory has been decreasing. Add higher interest rates on top of that for the past couple years and there are a lot of buyers confused on how to move forward especially now that interest rates are going down.
I work with buyers and sellers all the time and one of the most common statements I hear from buyers is “I’ll get a better deal with the housing market crashes so maybe I should just wait”. Anyone waiting for the housing market to crash might be waiting a long time in my opinion. There is no indication that we are heading into a crash. From what I am seeing, the market in our area is still strong and will continue to show steady sales for a while.
Most of my listings are still seeing multiple offers, most are selling over the asking price and buyers are still needing to be competitive to get their offers accepted. Houses are also still selling quickly. If realtors are not getting their buyers into these properties in the first few days, there is a good chance the house will be gone. Realtors and buyers need to be aggressive and not wait days or weeks to act on a house. This is another reason I don’t predict a housing crash. There are too many buyers still wanting to buy properties compared to the number of properties available for sale.
Another common statement buyers say to me is “I can’t buy yet because I don’t have a 20% down payment saved”. If you haven’t talked to a lender or real estate agent yet but think you need 20% down in order to purchase a house, you are wrong. Lenders and banks have various loan programs to offer and many of which do not require a large downpayment. Depending on your credit, where you are looking for a home and your price range there are options for 3-5% down payments. You can also work with your realtor to wrap some or all of your closing costs into the offer in some cases so you can essentially finance your closing costs and not need to have that money out of pocket either.
The most important thing if you are looking to buy or sell is to hire a local expert to assist you. That is the best way to achieve your goals in this market. The local agent will know specifically what is happening with the houses in the area you are looking to buy. He or she can guide you on how to get your offer accepted. If you have any questions on buying or selling in this area, feel free to contact me at 978-407-2568 or kpackardrealtor@gmail.com. If you are trying to move to another area or state, feel free to reach out to me for a qualified agent in that area to work with. I work with agents all over the country and can help point you to someone that can help you.
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