Posted By @ Oct 2nd 2020 2:20pm In: How Real Estate Works

A Message From Seth


I’m sure you’ve already heard, THE REAL ESTATE MARKET IS HOT! Mortgage rates are at an all time low and inventory is slim. 


Mortgage Rates

We’re seeing rates below 3% and with these low interest rates means opportunity. These historically low rates are great for buyers and current homeowners. For buyers, you will save tremendously over time. For current homeowners, refinancing could be a great option. Speak with your lender to see if refinancing would be beneficial for you. The attractive rates and the opportunity to refinance brings us to one of the reasons inventory is so low. 


Inventory

Refinancing is extremely attractive to homeowners right now and a lot of homeowners are taking the refinance route instead of listing their home to sell. A lot of homeowners are also sitting still for other reasons, such as, property values are slowly rising. Some fear where they’ll go and some are holding on until property values rise more. Others, understandably so, fear having outsiders tour their homes during the trying times that are currently taking place worldwide.   


Activity

With low inventory, we are still seeing an influx of buyers. One reason we believe we’re having the current influx is because those who planned to purchase in March, April, and May. Their purchase may have been temporarily postponed but they are back on the prowl and ready to buy.  Low inventory and an abundance of buyers is why homes are going from "for sale" to "sold" so quickly. Buyer’s, this means you need to MOVE QUICK. Have your agent on speed dial.


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