Real Estate - Keeping it Simple

As we go forward and tranistion to the new state law I wanted to share my insights on the obligations of buyers agents  as they represent buyers, as it pertains to the new law. Feel free to reach out with any questions or concerns.

Yes, even with low inventory we are seeing homes sale, with some homes getting multiple offers. 

Yes, we continue to struggle with very low inventory, yet buyers are looking and buying homes with a few homes being sold after receiving multiple offers. If we see any interest rate reductions I think the market will get busier with more buyer activity and the inventory will contuinue to shrink as all indications are that we will not see any increase in any inventory for the next few years

What is going on with the mortgage rates? What does it look like for interest rates in the near future? Are there and loan programs that are appealing to buyers? Is this a good time to buy or sell? 

Yes, interest rates continue to go down, and Yes home are selling!

Starting Jan 2024 there will be new rules on buyer representation, written contracts,  that will include how the buyer broker will be compensated, either from the seller(s) or the buyer(s).

YES, homes are still selling, YES buyers are looking and YES interest rates have gone down for the last 2 weeks. - There are lots of great homes to buy!

Yes, the market is still very active with lots of buyer interest in "good" homes (homes in good condition and preiced according to current market valuations) even with higher interest rates. We also have new state laws taking place effective January 2024, have a discussion with your real estate Agent/Broker about the changes as this will affect BOTH Buyers and Sellers.  

Consisten theme, no inventory, higher interest rates and yet buyers are active and buying. A good time to sell! 

Ranting somewhat but what I discuss today is very valid on how real estate transactions can go sideways and fall apart. The best offense is to have a good defense, meaning get your home ready to sell and have full transparency to all parties and you will likely have a very satisfactory and successful transaction. 

Also some thoughts on building inspections and home improvement suggestions

As we continue to work with the challenges of VERY low inventory we are still seeing homes sell as well as home prices remaining clsoe to their values for a year ago. 

Great time to be a buyer!

Low, Low, Low inventory yet what is on the market is selling for 30 days or less, depending on certain market areas. 

Low, Low inventory and YES homes are selling with some selling for much higher than their asking prices. 

I am perplexed as to why they would bring in such a program that penalizes people for having good paying jobs, good credit and a history of saving money so that they can have a larger downpayment - I think this is absolutely ridiculous!

So far, with dinishing inventory we are seeing a lack luster Spring market yet even with higher interest rates we have buyers not only looking to buy they ARE buying homes.

Decided to share my thoughts as well as additional information from 
Inman Real Estate (real estate industry newsletter) on the trends we 
have seen in the past and what we are seeing unfold in our Spring 2023 
real estate market. 

Always good to look at the past trends and how those trends are shaping
our current market

We are seeing lots of buyer activity, yet we are also seeing very little inventory so when you go to look at homes you may be up against competing offers from other buyers. If you are a seller and price your home/property according to the current market you may very well see multiple offers.