By: P. Dennis Connelly at CRS Long & Foster Real Estate
November Item of Value – Third Quarter 2019 Update
While real estate is hyper-local and each area experiences its own ebbs and flows, a number of trends still affect the market as a whole. Throughout the third quarter of 2019, inventory challenges and declining mortgage rates certainly remained a common theme. If low mortgage rates have you thinking about buying or selling, continue reading to learn why the holiday season can be a great time to do so.
Declining mortgage rates. Despite most industry predictions at the beginning of the year, mortgage rates have remained below 4%. Low rates mean more buying power for consumers, allowing them to afford more homes for their money. This also means that it could be a good time to consider refinancing. Those considering that route should speak with a mortgage consultant to determine if it’s the right choice.
Inventory shortages. The steady declines in housing inventory created an increase in real estate sales and pushed median sale prices higher in most real estate markets where Long & Foster operates. In addition, tight inventory conditions also led to a reduction in the number of days homes were on the market across the region.
Benefits of buying and selling during the holidays. While spring and summer are considered the “peak seasons” for real estate, many buyers are still shopping this time of year. There are several advantages to keep in mind if you’re thinking about selling or buying this season – especially the benefit of less competition.
- Sellers. Remember that the value of your home is based on the market, not the season. With fewer homes on the market, a home that’s in great shape and shows well will stand out, giving it a better opportunity to sell. In addition, the buyer quality will likely increase as buyers shopping in the off-season are often more ready, prepared and motivated.
- Buyers. There are typically fewer potential buyers during the holidays, decreasing the likelihood of a bidding war and giving you a better shot at winning your offer. Those selling in the winter are serious as well and may be more motivated to get the deal finished.
For advice on preparing your home to sell, I can provide you with a custom market analysis of your home’s value, get your property ready for listing, and guide you throughout the entire selling transaction, no matter the time of year. Alternatively, if you’re planning to take advantage of the low interest rates and buy a home, I can also help you prepare so you’ll be ready to make a winning offer with the least amount of stress and for the best price.
Dennis Connelly, GRI, CRS