Maybe you are reading online or in the newspaper (really, who does
that?) that things are slowing in the real estate market. Well when you
have been around as long as I have, 40 years plus selling real estate in Lehigh Valley, you tend to look a little deeper, no matter what the headlines.
After a brief period of higher interest rates tipping at just over 5% for
mortgage rates, we now see a drop to a more stable high 3 -mid 4%
You can attribute the decline to all sorts of economic factors but
the matter, the economy is booming, and housing inventory is slowly
increasing. More homes on the market, lead to seller competition and
therefore slower increases in prices.
Some of you might remember the craziness of last spring when time
and time again buyers for properties were faced with multiple offers on
the homes they wanted to buy. With an increase in inventory, I suspect
that buyers might get more of a choice. If you are a seller, the high rate
of appreciation in value has slowed depending on your market but
there has been no discernable decrease in values.
Regardless of the situation, a home is only worth what a willing buyer
An adage in real estate is that “January 1 is the beginning of the spring
and depending on your situation of whether you are a buyer or seller,
prepare to hit the ground running. If you are a seller have your agent
perform a Market Analysis to see what your home could be worth and
begin the “Dealer Prep” for the market.
If you are a buyer, find an agent who can advise you for a “pre-
the qualification” with a lender. Gather your pay stubs, your savings, your
debts, credit cards and the like, so you know what you can borrow.
Once you get the financial info out of the way, get set up by your agent to view homes online.
What’s important: style, square footage, bedrooms, lot size, school district, taxes? Narrow it down, drive by and then go look at the homes.
If you prepare now, you will be able to act quickly and reasonably when
you are ready to sell or buy. In the meantime, if you have any
questions, give us a call at Berkshire Hathaway HomeServices Choice
Properties at 6107597833 and we will start your journey with you to
make it as enjoyable as possible.