Tips for Buying in Today’s Housing Market
Have you been thinking about buying a new home? If so, you're not alone. According to the latest housing report from Freddie Mac, the number of homes for sale is at its highest level since December 2007.
That means that more buyers can get into the market—but it also means they have to be careful about how they approach their search, according to real estate experts. In today's post, we'll talk about some key things to keep in mind when buying a home in this market.
Start with a budget and stick with it. Even with a slight uptick in the number of homes for sale, buyers are still facing elevated prices and mortgage rates nearing 7%. "The biggest thing right now is the disconnect between buyers and sellers," says Rita Tayenaka, owner of Orange County, California-based Coast to Canyon brokerage. "Buyers want to lowball, and sellers want last year’s price." While buyers are getting a bit more breathing room now, they should keep in mind that it's still a seller's market while they consider their options.
Tips for Selling in Today’s Housing Market
It’s a seller’s market, but that doesn’t mean you should be charging 2021 prices.
With the market as tight as it is, you can be sure that buyers are going to be looking for the best deal. That means presenting your home in the best light possible and pricing it competitively.
The first step for a successful sale is to find a listing agent who knows the area and comes highly recommended. A good agent will work closely with you to price your home competitively while fielding questions and offers from prospective buyers.
Local experts in California are pointing to the outsize number of homes falling out of escrow recently as a cautionary tale for sellers who continue to demand 2021 prices. “Everyone thinks their house is special,” she says. "We have seen some crazy things."
