Are you considering buying a home this summer? With the current real estate market conditions and interest rates, it's essential to have the right information to make informed decisions. Here are seven tips to guide you through your home buying journey:
Act quickly to take advantage of favorable market conditions:
- Based on recent data from CVRMLS Home sales, there has been a decrease in home sales and an increase in inventory, indicating a more balanced market.
- However, pending sales and closed sales are still significant, so it's important to act swiftly when you find a property of interest.
Monitor interest rates for potential savings:
- Keep an eye on the interest rates, especially the 30-year fixed-rate mortgage (FRM) and the 15-year FRM.
- According to FreddieMac interest rate data, rates have been gradually increasing recently.
- By locking in a mortgage rate now, you can potentially save on your monthly mortgage payments in the long run.
Pay attention to the average and median sales prices:
- While the average and median sales prices have experienced slight increases, they remain relatively stable.
- It's important to consider your budget and affordability when making an offer.
- Consulting with a CSG Advisor can help you determine the right price range for your desired home.
Consider the days on market until sale:
- The days on market until sale have increased, indicating a slight slowdown in the selling process.
- This provides homebuyers with more time to make decisions and negotiate terms.
- However, it's crucial to act promptly on desirable properties as they can still be sold quickly.
Evaluate the percentage of original list price received:
- The percentage of the original list price received has decreased, suggesting that sellers may be more willing to negotiate or accept offers below their initial asking price.
- This presents an opportunity for buyers to potentially secure a better deal.
Assess inventory and months supply of inventory:
- The inventory of homes for sale has slightly decreased, while the months supply of inventory has increased.
- This indicates that there are still properties available, providing more options for buyers.
- Take advantage of the broader selection to find a home that suits your needs and preferences.
Consider condo/townhome options:
- Based on the provided data, there has been a decrease in closed sales for condos/townhomes.
- This suggests potential opportunities for buyers in this market segment.
- Exploring condos and townhomes can offer lower maintenance and different amenities compared to single-family homes.
Remember, the real estate market is dynamic, and local conditions may vary. It's crucial to work closely with a knowledgeable real estate agent who can provide personalized advice based on your specific circumstances and local market insights. Happy home buying!