Where Are Mortgage Rates Headed?

Where Are Mortgage Rates Headed?

Coming into this year, most experts projected mortgage rates would gradually increase and end 2022 in the high three-percent range. It’s only April, and rates have already blown past those numbers. Connect with us! (734) 480-8650 or @realtoronduty@teamhinton.com

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Thinking of Selling your Home? Competition Is Coming

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The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.7% over last year.

How will this impact buyers?

More inventory means more options. Danielle Hale, Realtor.com’s Chief Economistexplained this is good news for the housing market – especially for those looking to buy:

“It’s not spectacular construction growth, but it’s slow and steady in the right direction. Eventually, the pickup in single-family home construction will mean [buyers] will have more options. Especially with the limited number of sales right now, more options are really needed.”

How will this impact sellers?

More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:

  1. A great price on their home as buyers outbid each other for it
  2. A quick sale as buyers have so little to choose from
  3. Fewer hassles as buyers don’t want to “rock the boat” on the deal

With an increase in competition, the seller may not enjoy these same benefits. As Hale said:

“As new construction continues to increase, home shoppers will eventually have more [choices] and a bit more time to make purchase decisions compared to today’s quick-moving housing market.”

Bottom Line

If you are considering the sale of your home, it might make sense to beat this new construction competition to the market.

 

For more Information on Selling your home Click Here.

Buying this Spring? Be Prepared for Bidding Wars

Buying this Spring? Be Prepared for Bidding Wars

Buyers have already been out in force looking for their dream homes and more are on their way, but the challenge is that the inventory of homes for sale has not kept up with demand, which has lead to A LOT of competition for the homes that are available.

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4 Great Reasons to Buy This Spring!

4 Great Reasons to Buy This Spring!

Look at the actual reason you are thinking about buying a home and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be in a better neighborhood, or you just want to have control over renovations, maybe now is the time to buy.

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