Buying or Selling Real Estate? Take Advantage of These Benefits!

Dated: April 21 2021

Views: 12

Buyer & Seller Perks in Today’s Housing Market

Buyer & Seller Perks in Today’s Housing Market

Right now, the housing market is full of outstanding opportunities for both buyers and sellers. Whether you’re thinking of buying your first home, moving up to a bigger one, or selling so you can downsize this spring, there are perks today that are powering big moves for people across the country. Here are the top two to keep on the radar this season.

The Biggest Perk for Buyers: Low Mortgage Rates

 Today’s most compelling buyer incentive is low mortgage interest rates. The 30-year fixed-rate is now averaging just over 3%. While that’s slightly higher than the record-lows from 2020 and earlier this year, it’s still way lower than historic norms, making purchasing a home an ongoing perk for hopeful buyers (See graph below):Buyer & Seller Perks in Today’s Housing Market | Keeping Current MattersThis is a huge advantage for buyers and helps to make owning a home attainable for more households – and there’s good reason to strive for homeownership. The latest Homeowner Equity Report from CoreLogic shows how homeowners saw major gains in their net worth last year, all thanks to owning a home. Frank Martell, President and CEO of CoreLogicexplains:

Positive factors like record-low interest rates and a booming housing market encouraged many families to enter homeownership. This growing bank of personal wealth that homeownership affords was noticed by many but in particular for first-time buyers who want a piece of the cake. As a result, we may see more of those currently renting start to enter the market in the near future.”

Low mortgage rates are a plus for buyers right now, but experts forecast we’ll see them continue to rise as the year goes on. If you’re ready to purchase a home, it’s wise to get started on the process soon so you can secure today’s comparatively low rate.

The Biggest Perk for Sellers: Low Inventory

Today, there are simply not enough houses on the market for the number of buyers looking to purchase them, and it’s creating a serious sellers’ market. According to Danielle Hale, Chief Economist at realtor.com:

“Total active inventory continues to decline, dropping 50 percent. With buyers active in the market and sellers still slow to put homes up for sale, homes are selling quickly and the total number actively available for sale at any point in time continues to decline.” (See map below):

Buyer & Seller Perks in Today’s Housing Market | Keeping Current MattersThe lack of houses for sale continues to challenge the market, and with low mortgage rates fueling buyer demand, homes are hard for buyers to find today. According to the latest Realtors Confidence Index Survey by the National Association of Realtors (NAR), the average house is now receiving 4.1 offers and is on the market for only 20 days.

Buyers are clearly eager to purchase, and because of the shortage of inventory available, they’re often entering bidding warsThis is one of the factors keeping home prices strong and giving sellers leverage in the negotiation process.

Homeowners who are in a position to sell shouldn’t wait to make their move. There’s a light at the end of the tunnel for today’s inventory shortage, so listing this spring will get your house on the market when conditions are most favorable. With low inventory and high buyer demand, homeowners can potentially earn a greater profit on their houses and sell them quickly in the fast-paced spring market.

Bottom Line

Whether you’re thinking about buying or selling a home, there are major perks available in today’s housing market. Contact me today to discuss how these favorable conditions play to your advantage in your local area. I can be reached at 512.843.5TPS or thru the contact link on the wbsite.

Blog author image

Todd P Smith

Todd P Smith is a residential real estate Broker Associate with eXp REALTY serving the greater Austin, Texas metropolitan area. Growing up as the son of a Broker, Todd cultivated his passion for helpi....

Latest Blog Posts

What Will Mortgage Interest Rates Be In A Year?

First Time Home Buyers, For Buyers, Interest Rates, Move-Up BuyersAre Interest Rates Expected to Rise Over the Next Year? So far this year, mortgage rates continue to hover

Read More

Undecided? Here's Why You Should Consider Selling Now

For Sellers, Housing Market Updates, Move-Up Buyers, Pricing, Selling Myths4 Big Incentives for Homeowners to Sell Now The housing market keeps sailing along. The only

Read More

Systemic Changes in the Real Estate Market Attributed to the Pandemic

or Buyers, For SellersSome Buyers Prefer Smaller HomesOver the past year, we’ve had plenty of opportunities to reflect on what we consider most important in our lives. The place we call

Read More

Good News for Homeowners in Forbearance!

Distressed Properties, Foreclosures, Housing Market Updates4 Major Reasons Households in Forbearance Won’t Lose Their Homes to ForeclosureThere has been a lot of discussion as to

Read More