Whether you’re a potential buyer or seller in today’s Tri-Cities housing market, there are perks that are rarely available and certainly worth considering as you decide if it’s the right time to buy or sell.
You’ve heard me talk about this in the monthly Tri-Cities housing market update: We don’t have enough homes available to satisfy all the buyers who want to buy!
Every month, we take a one-day snapshot of active listings — these numbers aren’t cumulative for the whole month, but a reflection of how many homes were available on a given day. (We usually do this on the 5th of each month.) As you can see below, we have about 200 fewer homes on the market today than we did just 10-12 months ago — and inventory was plenty tight back then!
Homes that are priced correctly are selling quickly — especially less expensive homes. Bidding wars are common. We need more homes on the market to satisfy demand. It’s a rare opportunity that you should really think about capitalizing on if selling your home is on your radar.
Buyer’s Perk: Historically Low Interest Rates
The biggest buyer incentive available today is the average mortgage interest rate. A couple weeks ago, mortgage rates went below 3% and hit an all-time low for the eighth time this year.
The 30-year fixed-rate is now slightly above 3% — it changes day-to-day, so if you’re thinking about buying soon, let’s make sure you talk to a great lender as soon as possible.
To put all this in perspective, it means that today you can get a lower rate than any of the past two generations of homebuyers in your family if you decide to purchase at this time. In addition, the National Mortgage News notes how today’s buyers have increasing purchasing power due to these low mortgage rates:
Purchasing power rose 10% year-over-year…. With interest rates hitting record lows, buyers were able to afford $32,000 “more house” as of July 23 than they could the year before with the same monthly payment.
This is a great perk for buyers who are hoping to potentially get more for their money in a home, something many are considering today as they re-evaluate the amount of space they ideally need for their families. It’s an opportunity not seen in 50 years, and one not to be missed if the time is right for you to buy a home.
It’s a very unique market right now in the Tri-Cities, and even across the country. We’re in a seller’s market, but if you’re thinking about buying there’s a strong argument to be made that now’s the time to take advantage of those low interest rates. And if you’re thinking about selling, this is a great time to do it because there’s not a lot of competition out there.
Get in touch anytime if we can answer questions about buying or selling, or help you get started on the process.