Challenging times create home selling opportunities

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These are certainly challenging times, unlike any we’ve ever experienced. But out of challenge comes opportunity. Today, this is especially true in the real estate market, which may come as a bit of a surprise. Real estate is still moving forward – offers are being made, contracts are being signed, mortgages are being approved and deals are closing.

So if you are still sitting on the sidelines, waiting for the market to improve, you may be missing out.

Inventory, or the number of homes available for sale, has been low for some time and is being exacerbated by potential sellers mistakenly assuming that COVID-19 is keeping buyers out of the market. But that’s not true. Low inventory often means there is even more competition among buyers for the homes that are available.

The buyers out there are ready to make a move and eager to find the perfect property for their needs. 

The historically low interest rates are further fueling the housing market today. The current average interest rate for a 30-year fixed-rate mortgage is below 3.30%. A year or so ago, rates were hovering in the 5% range, meaning buyers could save hundreds of dollars a month by purchasing a home today versus a year ago. The low rates also give them more purchasing power. 

Put all of this together and what do you have? A great time to buy. Conversely, a fantastic time to sell. In fact, many homes currently on the market priced at under $400,000 are receiving multiple and competitive offers. That also holds true for homes even up to the $600,000 level.

Nationally mortgage applications to purchase a home have been rising, up 7% compared to a week earlier. 

Bottom line, if you were considering putting your home on the market pre-COVID, don’t be dissuaded. If you were thinking about selling sometime in the not-too-distant future, you may want to move that timeframe up a bit.

I’m always available to talk to your further about your plans. Stay safe and healthy. We will get through this together.

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This content is from our sponsor. The FOX editorial team was not involved with the creation of this content.