Year of opportunity for buyers, sellers
The year 2020 has been a challenging year so far but promises to be a year of opportunity for anybody who may have been considering a real estate purchase or sale.
People always need to buy homes, whether they need larger homes for growing families, or when it is time to downsize or move for jobs or other reasons. During the past few years, many have delayed buying because of disrupted credit, tightened mortgage lending, and uncertainty with jobs and the economy. These delayed purchases have created a rare phenomenon known as pent-up demand, when there are more buyers, and shrinking available inventory.
For sellers, the good news is that there are now more buyers ready, willing and able to buy, and they are buying. The key is to have the house you are selling move-in-ready, presentable and priced realistically. Consult with a Realtor for advice on competitive pricing and what it takes to sell quickly.
Fortunately, interest rates are still low, allowing buyers to purchase higher value homes for the same monthly payment, as compared to what they could have purchased when interest rates were much higher. These interest rates will not last forever. Interest rates are expected to increase when the Federal Reserve Bankers determine that the economy is strong enough to support higher interest rates to control inflation.
If you have been on the sidelines thinking about selling or buying, now is the time to get into the game. The best way to win is to have a knowledgeable and skilled Realtor on your side, coaching you successfully through the process with their training and experience. For the best advice, call a member of the Warren Area Board of Realtors.
Fran Cunningham is the 2020 president of the Warren Area Board of Realtors.