People ask me what the market is like or how I think the market is doing. Well what the market is telling me and many of my colleagues is that homebuyer demand is strong, and so is the refinance market for existing homebuyers.
Interest rates are low right now and they look like they may be dropping even further. This combined with the fact that people have spent 3-4 months in their homes almost without interruption means that if anyone found that their current arrangement wasn’t suitable for them anymore, they are probably calling lenders and headed out the door when they can to see other properties.
Homes with outdoor areas, extra bedrooms, buildings with rooftops and balconies, houses with yards or porches – these are being looked at more than ever before. People are considering rural areas more than before, as well as suburban areas. And it makes sense. Before the pandemic, things were different. During and after the pandemic, having outdoor or just extra space is more valuable than ever before.
People are more interested in buying beach homes, river homes, mountain homes, buildings with rooftops, and homes with yards or situated near parks than they were before the pandemic. Interest rates are low and this is making the lenders and title companies and many Realtors busier than they have been for most of the year as they help satisfy the demands of the deferred spring market.
Demand is high, and supply is not as high as demand so there are multiple offers, competitive situations, and escalations.
If you are thinking of buying or selling, make sure you find an experienced Realtor that can help you navigate all the competitive waters or make sure that the home you are selling is looking its best in a competitive market.
Some brokerages are even offering to help front the costs of doing renovations or projects for the sellers before the sale and then getting reimbursed out of the proceeds of the sale. Find an experienced Realtor to help you buy or sell.
Joseph Hudson is a Realtor with The Oakley Group at Compass. Reach him at 703-587-0597 or [email protected].