Taking Advantage of the Market

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Have you ever made a decision not to take action and then a few years down the road you wished you would have done something? Don’t let that happen with this market. It’s time to buy. Inventory is thinning and, as soon as we get into summer, there will be even fewer homes on the market. When the inventory decreases, the price of homes will climb up. It’s the law of supply and demand.  

The market is definitely starting to tip toward a sellers’ market because of the dwindling inventory. What does this mean for the buyer? When the market transforms into a sellers’ market, since there are fewer homes on the market, there’s more competition for available homes. This makes it tough on the buyer. Low inventory often translates into multiple bids for homes in good condition, high list-to-sale price ratios and the sellers being able to negotiate better terms. Great for the seller, but not so good for the buyer. 

But right now, buyers have a great advantage because of interest rates. They can afford more of a home because of low interest rates. Interest rates are still below 4% with some as low as 3% with a 15- or 20-year fixed-rate mortgage, and mortgage bankers are eager to lend. When interest rates rise, the buyer could get locked into spending a few hundred extra dollars a month on your payment. So why wait? It’s an excellent time to buy.  

Let’s find a property before you end up paying a lot more it when summer arrives.  Give us a call so we can tell you where to be positioned and how to be successful in this market. Please contact us at (760) 774-0105 or dave@teamkibbey.com.