It’s summertime, and that means it might be time to get off the sidelines and into the home shopping action. At Bowen Agency Realtors, we look forward to helping you find the right home for your needs.
Here are a few Summer 2013 trends to consider:
Mortgage Rates Will Stay Low
While it’s true that mortgage rates crept up a little bit in May, they are still hovering at or near historic lows and that won’t change drastically anytime soon. The Fed will most likely keep rates low for the rest of 2013 so the housing market recovery can continue. As the economy recovers and the Fed withdraws some support, rates will likely rise gradually over the next year and a half.
Housing Shortage Remains
The National Association of Realtors® predicts existing-home sales will rise around 7 or 8 percent this spring compared to levels one year ago.
But there is still a shortage of homes.
According to DailyGainsLetter.com, “While housing prices have begun to rebound, they are still down 27.5% from their April 2006 peak. With that much room to grow just for homeowners to break even, you can see why many don’t want to unload their property, and why many first-time buyers are competing for a small number of homes. Homebuilders are stepping in to fill the void. In 2013, U.S. homebuilders are expected to create one million homes, which will be the fastest pace at which homes were built since 2008.”
With rising home prices comes an increase in sellers who are jumping into the market. That will continue to increase inventory; but right now, if you see a home that you can see your family living in, it’s important to act quickly.
Buyers Reaching Out to Sellers in Unconventional Ways
Perhaps you’ve heard the stories: buyers who have written personal handwritten notes to sellers asking for their offer to be accepted. Or, homeowners who don’t even have their homes on the market but have been asked by prospective buyers to consider selling. It sounds odd, but in tight markets, it happens.
Multiple Offers on One Home
While this isn’t always the case in rural areas, San Francisco, Boston, Washington DC, Seattle, Tampa, Las Vegas, and New York, bidding wars on homes are emerging. This scenario is a tough one for first-time homebuyers seeking entry-level homes. In these scenarios, all-cash offers always win out over someone who needs to obtain financing.
If you’re ready to buy a home or sell a home, give us a call or stop by one of our three convenient locations (Lewisburg, Sunbury, Selinsgrove). We look forward to serving you!