As the economic impact of the pandemic dissipates, our real estate market is returning to more normalized behavior, and that’s awesome for buyers.
Despite interest rates taking an upward turn, more Americans are putting their homes on the market, according to figures from leading portal realtor.com.
Its listings for June rose 18.7%, which means there’s more choice and more room for buyers to negotiate.
Realtor.com estimates almost 100,000 more homes are for sale than 12 months ago. But that’s still 52% adrift of the pre-pandemic figure in late 2019.
As an experienced agent in your neighborhood, I know owners who’ve long wanted to sell but delayed plans due to Covid concerns.
They’ve wanted the best price for their home but have been anxious about the cost of their next property given the 30% plus jump in values over the past two years.
Realtor.com data suggest buyers will enjoy a wider selection as housing stock rebounds from historic lows in some parts of the US.
And even though some commentators suggest property values will flatten as mortgages enter 6% territory, the American home remains a great asset.
Its median price achieved another record high in June, hitting $450,000, up 16.9% compared with last year. It’s leapt 31.4% nationally since June 2020, according to realtor.com.
If you are looking to buy, here are some quick tips:
Choose a great agent
You want a mix of experience and energy. Select someone who’s a great communicator and negotiator. Above all, you must trust their judgment and commitment to you, especially as market conditions change.
Find your finance
Get a pre-approval for your finance. Even if you’re climbing the property ladder, confirm your budget and access to the necessary funds before embarking on a serious search.
Move quickly
If you find an ideal property, don’t delay. Demand is still healthy in our neighborhood.
Win-win
While more properties are coming onto the market, a healthy pool of buyers remains. So, be tough but reasonable in negotiations. Low-balling will put you at the back of the seller’s queue. Conversely, don’t forgo contingencies, such as a property inspection, to win over the seller. Those types of risks are not worth it.