Here’s an update on our fast-moving real estate market.
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Do you like ice cream? As you may or may not be aware, there are lines out the door at Baskin Robbins locations everywhere on seven specific days each year. Normally, a scoop of ice cream costs $2.79. However, when the 31st rolls around, the price drops to $1.70—a 40% savings—and sweet-toothed patrons rush to take advantage of it. For a family with a bunch of kids, the 31st is the day to make a trip to Baskin Robbins for a scoop of happiness. Sure, your mouth is probably watering now, but what does this have to do with real estate?
When a commodity drops to a price that’s too good to pass up, everybody flocks to it. This is precisely what’s occurring in the housing market. It’s not that home values have dropped 40%, though. Instead, buyers are coming out in droves to lock in historically low mortgage rates.
If you’ve been pondering a home sale, this is your time to shine; use this sky-high demand to maximize your home sale while the window is still open. I’ve spent 21 years helping families with their real estate decisions, so trust me when I tell you that the market will readjust like it always does. Waiting is not an option. Here’s an example to show that this demand is authentic:
Purchasing a $700,000 home at last year’s rate of 3.6% would have equaled out to a monthly mortgage payment of $3,100. With today’s rate of 2.77%, the payment on that same home would drop to $2,800—a $300 savings each month! When comparing these floor-scraping rates to November 2018, when rates nearly hit 5%, the savings jump to $893 per month. The best part? It’s not a one-time savings. Every single month for 30 years, buyers will be benefiting.
It’s not a one-time savings. Every single month for 30 years, buyers will be benefiting.
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Our current market presents a rare opportunity for both buyers and sellers to win big. That said, there’s almost too much demand in our market; our supply of available homes for sale just can’t keep up. In each of the 30 cities we cover, we’re seeing the lowest number of homes for sale since 2004. As a result, homes are getting into escrow almost as soon as they hit the market. My listings are selling within just two to three weeks.
Now, notice how I didn’t say “selling within zero to seven days.” Here’s why: If a home is selling in a matter of days or doesn’t even make it market, I guarantee that it’s because money was left on the table. A truly top dollar sale will always take a certain amount of time. If you’re trying to net the most money in this busy market, you’ll want to call me to find out exactly what I mean by that. I’ll help you avoid a costly mistake that’s sadly becoming more prevalent in our market.
Anyways, back to the market update. With exceptionally high demand, our market is unbelievably hot. Buyers: Keep the pedal to the metal and don’t give up. Sellers: With this lightning-fast market moving in your favor, waiting is not an option. Who you work with to buy or sell a home matters more than it ever has before.
If you know a friend, family member, neighbor, or co-worker who could use my expertise in real estate, please call or text me today. If you’d like to hear more about what’s going on in your specific city, I’m also here to be a go-to resource. It’s my pleasure to help families get their own “scoop of happiness.”
