Are we in a buyer’s market or a seller’s market?
Right now, we are definitely in a seller’s market. The combination of low inventory and very high demand means that the market certainly favors sellers.
Since we are so short on inventory, home prices are on the rise. Buyers don’t have many options to choose from, so sellers can demand a slightly higher price for their home. Compared to this time last year, both the average and median home prices have gone up slightly.
“Low inventory and high demand place us firmly in a seller’s market.”
How do interest rates come into play in this market? If you have average credit, interest rates range from 3.875% to 4.25% depending on which program you go with: a VA, FHA, USDA, or conventional loan.
So, what does all of this mean for you?
If you are buying a home, you have to be prepared to act quickly. Make sure that you are pre-qualified and familiar with the inventory that is available.
As a seller, you can demand a slightly higher price this year than you could have last year.
If you have any other questions about this current market, give me a call or send me an email. I would be happy to help you!