This is something I hear my clients say frequently and you just can't push them in these situations. Maybe they'll get the house, maybe not. But you gotta go at their pace and make sure they have time to test the waters and see what happens when they make an offer. That often means writing three or four unsuccessfully but every so often we get lucky and it's one and done. I'm feeling lucky today.
With the market moving so fast, when looking at comparable sales, the time that has elapsed since a home sold has become a huge factor that should be accounted for.
How much are mortgage closing costs? A good rule of thumb is 1.25%-1.5% of the loan amount.
But that’s not the whole story. You can reduce your closing costs by choosing a rate that’s higher than what today's rate “par” rate is and the lender will give you a credit that you can use to reduce your costs.
We have reached all-time lows in inventory despite significant mortgage rate increases. Rates are now bouncing around 3.6-3.9%. It’s important for buyers to note there is the same number of homes coming on the market each month as there were 10 years ago. They are just getting purchased more quickly by a pool of buyers that is larger than we have ever seen in history. This large buyer pool is simply a function of demographics: there are more people in the prime home-buying age bracket (late 20s to early 40s) than there has ever been. Interest rates add fuel to the fire. But demographics are the foundation of the persistent supply shortage.
It’s happening more than ever because of the speed at which they have to make decisions.
Links to County GIS maps are a great tool to have saved in your phone as you’re shopping for homes, especially acreage property.
They provide info that your phone’s GPS does not.
Are you trying to figure out whether you should update before you sell? Obviously remodeling ads value. But will you get back the money you spend? How can you update the look and feel of your home without spending big bucks? Consider home staging. It’s not just for Pinterest-worthy homes. It’s a great way to take a tired property and make it look and feel decades newer. Often people choose not to stage because they don’t want to spend the money and don’t think it’s necessary. Your home will sell quickly in this market. So why bother? Because staging will sell your home for tens of thousands more. 💵 And with us it’s all included 😑 Let us furnish it top to bottom with designer furniture. Style specific for the era of your home. And show it to the masses with the most powerful marketing in the industry. Call or send a direct message to schedule your no-obligation walk-throu
There is much more to this crazy market than low interest rates. Demographics play an even larger role. The number of people that are currently at prime home buying age is larger than it has ever been in history. The forecasts that I trust the most are calling for rates to average in the mid to high 3’s in 2022. If that is the case we expect another year of significant price growth, likely 8%. Remember that in 2018 rates hit 4.9% and we still gained 7% in NoCo. Once rates do rise into the mid to high 4% range expect the market to cool significantly but big price corrections seem unlikely with so many people needing housing and a supply shortage with no easy remedy.