Homebuyers are flooding the housing market right now to take advantage of record-low mortgage rates.
Many have a sense of urgency to find a home soon since experts forecast a steady rise in both rates and home prices this year and next.
As a result, buyer demand greatly outweighs the current housing supply.
Here’s how the shortage of houses for sale sets yours up to be the oasis in an inventory desert.
According to the National Association of Realtors (NAR), today’s housing invent...
In a sellers’ market, some homeowners might be tempted to try to sell their house on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional. When the inventory of homes for sale is as low as it is today, buyers are eager to snatch up virtually any house that comes to market.
This makes it even more tempting to FSBO. As a result, some sellers think selling their house will be a breeze and see today’s market as an opportunity to FSBO.
Let...
Hidden away along the eastern shores of Little Sarasota Bay in southern Sarasota is one of the areas’ most historic neighborhoods - The Field Club.
With the fast rate of growth across all of southwest Florida over the past decade, many of the most popular areas to live in, are newly built neighborhoods, conveniently adjacent to shopping and dining, or master-planned communities a little further away from town.
Older neighborhoods with that undefinable “old-Florida charm” are rare gems for...
The real estate market was on fire during the second half of 2020. Buyer demand was way up, and the supply of homes available for sale hit record lows. The price of anything is determined by the supply and demand ratio, so home prices skyrocketed last year.
Dr. Lynn Fisher, Deputy Director of the Federal Housing Finance Agency (FHFA) Division of Research and Statistics, explains:
“House prices nationwide recorded the largest annual and quarterly increase in the history of the FHFA Home Pr...
Is the idea of saving for a down payment holding you back from buying a home right now? You may be eager to take advantage of today’s low mortgage rates, but the thought of needing a large down payment might make you want to pump the brakes. Today, there’s still a common myth that you have to come up with 20% of the total sale price for your down payment. This means people who could buy a home may be putting their plans on hold because they don’t have that much saved yet. The reality is, whether...
This year, the opportunity to work remotely has increased the demand for vacation homes. Gay Cororaton, Senior Economist and Director of Housing and Commercial Research at the National Association of Realtors (NAR), notes:
“Working from home is a positive factor in demand for vacation homes.”
Buyers are taking advantage of the fact that working from home might be someplace other than their primary residence – at the beach, in the mountains, or somewhere in between. NAR explains:
“Sales...
