This Month in Real Estate-March 2014

The Numbers:

 

• Home sales activity is at an annual pace of 4.6 million
• The median home price is $189,000
• Price are down 4.5% from last month, but up 11% from this time last year
• The average national rate on a 30-year fixed rate mortgage edged back to 4.33%

The Story: What a Market Shift Means for Buyers

For the past several years, many people have been experiencing a buyers market. This market is changing, with inventory at its lowest supply since 2005, most areas are currently in a sellers market.

Here are some quick tips to find the home you’re looking for in this market:

1. Expect Compeition: sellers are going to be getting multiple offers, and the best offers are going to go through
2. Be Ready: In this market, it’s even more necessary to be prequalified. Having prequalification letters give you more chance to get accepted.
3. Prioritize: Know your wants and needs and discuss them with your real estate agent. You may have to compromise on your wants, but you should not have to compromise on your needs.

For more tips on finding a wonderful home in your market, contact me!