If you know someone or you are planning to move this spring here is what you can expect.
1. Interest Rates. As of today they have dropped down to 6%. Will they hit 5%? Barry Habib whose company forecasts interest rates thinks that after May 10th with the release of the consumer price index that has April’s inflation numbers we likely will see rates drop as inflation drops. Maybe even close to 5%. We’ll see.
2. Multiple offers are back, but not on everyting and not in everyprice range & area. Last fall the number of properties with multiple offers decreased. From now until about July you will likely find yourself in greater competition for a house. Mid-March through June is also the time of the year when the highest number of new homes are listed on the market with May typically being the highest. Expect competition on well priced and updated homes after July but a lower level.
3. Make sure you are preapproved with a good lender. Everthing about your offer matters right now. There are a lot of great offers being submitted but not accepted due to minor differences. The seller can only pick
one offer. So, if you’re in a multiple offer situation the more “buttoned up” your offer is the better.
4. Inspections. Don’t just assume that you can’t get your offer accpeted if you have an inspection contingency. We’ve had most all of our buyers get inspection contingencies accepted this year. There are some properties
that you just won’t get as the competition is too strong and is waiving the inspection contingency. That becomes a “game time” risk vs reward decision.
5. Do you need to sell your house first? How much equity do you have to work with? An evaluation from 3 months ago isn’t necessarily going to be accurate today in the same way you can’t sell a stock for the exact
price it sold for 3 months ago or even yesterday for that matter. We are happy to do an evaluation for you or an updated evaluation for you so that you have an accurate number.
Reach out if there’s ever anyting we can do for you.
Travis & Team
