As we are heading towards the end of the year we are seeing a lot of buyers and circumstantial sellers. Circumstantial sellers are sellers that have a reason or situation that is putting them in the position of having to sell. The buyers that are shopping right now are serious buyers and looking to buy before the interest rates drop and millions more buyers reenter the market. When interest rates drop there will be more competition for buyers, because there is still not enough supply to me the buyers demand which is why we are seeing steady high prices.
Interest Rates at Just Under 8% Interest rates are a critical factor in the real estate market, and we’ve seen some notable changes recently. As of November, mortgage rates are hovering just under 8%. While they have inched up slightly, these rates are still historically low, making it a great time for buyers to secure financing for their dream homes. We recommend acting sooner rather than later to lock in these favorable rates before they potentially rise further.
Low Inventory and High Buyer Demand One of the key factors driving the current real estate market is the imbalance between housing supply and buyer demand, as mentioned earlier. Inventory remains at historically low levels, with not enough homes available to meet the growing demand from buyers. This competitive environment has led to multiple offers on many properties, pushing prices higher.
What Does This Mean for Buyers?
For buyers, this market presents both opportunities and challenges. Here’s how you can make the most of the current situation:
1. Be Prepared: It’s crucial to have your financing in order and be pre-approved for a mortgage. This will give you a competitive advantage when submitting offers.
2. Act Quickly: When you find a property that meets your criteria, don’t hesitate. Swift decision-making is essential in a competitive market.
3. Work with a Professional: Our experienced team is here to guide you through the process and help you make well-informed decisions.
What Does This Mean for Sellers?
If you’re thinking about selling your home, it’s a seller’s market, and you’re in an advantageous position. Here are some tips to maximize your sale:
1. Price Realistically: While prices are rising, it’s still important to set a competitive and realistic price for your property.
2. Prepare Your Home: Make sure your property is in tip-top condition, which can make it more attractive to potential buyers.
3. Work with an Expert: Our team is well-versed in navigating the intricacies of the current market and can help you get the best value for your property.
If you have any questions or would like more information about the local real estate market, please don’t hesitate to reach out. I am here to help you make informed decisions and achieve your real estate goals.
Thank you for trusting me as your real estate resource. I look forward to assisting you in your real estate journey.
Wishing you a warm and wonderful November!
Mariah Earl
707-372-4217
DRE# 02090006
