We all hear the news – inflation, fuel, food prices, and mortgage interest rates are rising or higher than before. All of these factors weigh on some buyers who are thinking about purchasing a property.
Here are 3 signs of a “shift” from a predominantly seller’s market to a softening of buyer response:
- Price Sensitivity Due to Inflation and Mortgage Interest Rates
Right now mortgage interest rates are hovering around 6%, an increase of approximately 3% since the beginning of the year. What that means is that buyers who still want to buy or need to buy are facing higher monthly payments which translates into modifying their purchase price.
- Less Enthusiasm for Repairs and Remodeling
Buyers are less inclined to embark on remodeling projects due to the rising cost of goods and shortage of contractors. “Move-in” ready houses will again start to be more desirable.
- Seller Must Prepare for Maximizing Value
It is more important than ever for sellers to be prepared for the buyer response to the current real estate market. From cleaning carpets to replacing wood rot on your house we can let you know which “fixes” will net you the highest purchase price.
These are just some of the trends that we see today in our encounters with sellers and buyers. For more specific information for your home search or home sale, get in touch to see how we can help!
One person’s “clean” is another person’s “yuck.” In the realm of real estate there is an ambiguous phrase embedded deep in the purchase contract and it reads something like, “property to be broom clean and free of all occupants and belongings.” What about vacuuming the carpets?
Is the real estate market cooling off? No.
Grab a snack and a water and let’s go find a house! Yes, it’s almost that easy. We have relationships with local lenders and an extensive network of colleagues to assist you in your quest for a new abode. Here are some other tips to speed through your home search:
It’s easy to get mixed up when you’re bantering about real estate terms. Here’s a handy guide to follow:
Vermont is small, our population hovers around 620,000. Yes, that’s the whole state – men, women, children. We have never had a housing “boom” like other states. Demand for housing has outstripped our supply over the last few years. In certain price ranges there are perhaps 40 – 50 buyers looking at the same house.
What does it mean to be safe when you’re looking at houses in the midst of a pandemic? While there is no way to be 100% protected, you can minimize your risk of exposure. Here are some Do’s and Don’ts:
Let’s face it, there are plenty of Realtors out there. They are in your book club, your networking club, at your gym, and at the dog parks. Realtors wear vests, coats, and even dog leashes emblazoned with their brokerage logo. And, if you even mention “moving” at a Starbucks be assured that there is a Realtor lurking at the next table.
The Weaver Team 