Housing market update for June 2020. For sellers; inventory is very low right now. This gives the house seller a big advantage. Low competition means a higher sale price.
On the buyers side interest rates are holding very low at 3.125% for a 30 year fixed mortgage interest rate. If you have amazing credit and a great lender you can get an even lower interest rate.
As a buyer, be ready to make an offer that will be accepted. In this market there is no room for window shopping. If you are not yet approved for financing you could miss out on getting the house you want. Because inventory is low houses are not staying on the market for very long. This is especially true for the houses that are priced right for the market.
You need to have your pre-approval letter from your lender ready to go along with a realtor that is able to make the right move quickly. When you place an offer it needs to be an appealing offer that will be accepted quickly. You don’t want to be the buyer that missed out on the house that you really like.
If you’ve been thinking about making the move – now is the time!
