Real Estate - Elisa Copeland - Lily Moore Realty

WHAT'S HAPPENING IN THE HOUSING MARKET?

THE SUPPLY OF HOMES FOR SALE IS STILL LOW.

The number of homes for sale this year is still low. Housing inventory is measured by the number of available homes on the market. It’s also measured by months’ supply, meaning the number of months it would take to sell all those available homes based on current demand. In a balanced market, there’s usually about a six-month supply – and today, we only have about half of that. With inventory that low, buyer competition is ticking back up, meaning multiple offers are returning on a good number of properties. Partnering with a professional can help you be competitive in a market like the one we have today.

INTEREST RATES ARE LESS VOLATILE THAN LAST YEAR.

Last year, mortgage rates more than doubled within the calendar year. That’s never happened before, and the rapid rise caused many buyers to put their plans on hold. This year, however, many buyers are reentering the market as rates have settled a bit in roughly the 6% to 7% range.

No one knows for sure where rates will go from here, but experts say they may drop some, if inflation continues to cool. Any drop boosts your purchasing power by bringing down your expected monthly mortgage payment. Even a change as small as 0.25% can have a big impact on what you’ll pay for your home.

THE WORST HOME PRICE DECLINES ARE BEHIND US

Headlines about home prices can be confusing. Home price appreciation has cooled from it’s peak last summer.

However, prices vary by area. If you’ve been waiting for prices in your area to come down, you should know the shortage of homes available is going to keep upward pressure on prices. In fact, we’ve seen prices starting to rise again, indicating the worst home price declines are behind us.

BOTTOM LINE

If you’re ready to buy this summer, don’t let market uncertainty delay your plans.

Let’s connect, so you have an expert on your side to answer all of your housing market questions. Together, we’ll review your goals and what’s happening in our market, so you have the information you need to make a powerful and confident decision.

THE POWER OF PRE-APPROVAL

What is pre-approval?

Pre-approval gives you critical information about the homebuying process that’ll help you understand how much you may be able to borrow so you have a stronger understanding of your options.

How does it work?

As part of the pre-approval process, a lender looks at your finances to decide what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how much money you can borrow. That can make it easier when you set out to search for homes because you’ll know your overall numbers. With higher mortgage rates impacting affordability for many buyers today, a solid understanding of your numbers is even more important.

Pre-approval helps show you’re a serious buyer.

Pre-approval can help a seller feel more confident in your offer because it shows you’re serious about buying their house. With sellers seeing a slight increase in the number of offers, making a strong offer when you find the perfect house is key.

Bottom Line

Getting pre-approved is an important first step toward buying a home. It let’s you know what you can borrow and shows sellers you’re a serious buyer.

Buying a home is a big decision, and it should be one you feel confident making. You can lean on an expert to help you separate fact from fiction and get the answers you need.

The right agent can help you understand what’s happening at the local level, and they can debunk the headlines using data you can trust. Experts have in-depth knowledge of the industry and can provide context, so you know how current trends compare to the normal ebbs and flows in the industry, historical data, and more.

Together, you can use all that information to make the best possible decision.

After all, making a move is a potentially life-changing milestone. It should be something you feel ready for and excited about. And that’s where a trusted guide comes in.

CONTACT

Elisa Copeland

Agent | License ID: 0791337

+1(817) 247-8440

THINGS TO CONSIDER WHEN BUYING A HOME

SUMMER 2023 EDITION

WHAT'S HAPPENING IN THE HOUSING MARKET?

A REAL ESTATE EXPERT GIVES YOU CLARITY IN TODAY'S HOUSING MARKET

LET'S CHAT

It's likely that you have questions and thoughts about the real estate process.

We’d love to talk with you about what you’ve read here and help you on the path to buying your new home. My contact information is below, and I look forward to working with you.

CONTACT

THINGS TO CONSIDER WHEN BUYING A HOME

SUMMER 2023 EDITION

WHAT'S HAPPENING IN THE HOUSING MARKET?

A REAL ESTATE EXPERT GIVES YOU CLARITY IN TODAY'S HOUSING MARKET

LET'S CHAT

It's likely that you have questions and thoughts about the real estate process. We’d love to talk with you about what you’ve read here and help you on the path to buying your new home. My contact information is below, and I look forward to working with you.

CONTACT

It's likely that you have questions and thoughts about the real estate process.

We’d love to talk with you about what you’ve read here and help you on the path to buying your new home. My contact information is below, and I look forward to working with you.