The real estate market is expected to show unprecedented strength as we progress into 2021. Mortgage rates are maintaining historic lows and are forecasted to remain this way for the foreseeable future. Although the real estate market is doing very well, one challenge is the lack of homes going up for sale. With inventory for homes being at an all time low, Seven Gables is here to help navigate what this means for you, as either the buyer or the seller.
As a Buyer:
It is important to remember to be patient during the home-buying process in order to find your potential dream home. It may take awhile to find your ideal home but as a buyer, you must be ready to act quickly to ensure your success. To stand out amongst other buyers, you must get pre-approved for a mortgage and make a competitive offer from the start. The shortage in inventory could also mean that you will end up in a bidding war with other buyers. Being prepared from the start and having a trusted advisor guide you along the way, will help you to secure a future home.
As a Seller:
When there happens to be a shortage in the housing market, as the seller that means that you have the luxury of being in the driver’s seat. The seller is in the best possible position to negotiate a deal that works best for them. During these times, the seller is able to request more from the potential buyer, whether that be with pricing or possible repairs. You will have the upper hand in this situation and will potentially have multiple buyers interested in your house.
The housing market will remain strong throughout this year but it is very important to understand the process as a buyer or as a seller. Always remember that Seven Gables would love to help guide you through the process. Let’s connect today!