- Don’t forget to set your clocks forward this Sunday, March 12th at 2:00 AM EST in observance of Daylight Savings Time.
- Unless of course, you are a resident of Arizona or Hawaii!
- Every hour in the United States: 649 homes are sold, 177 homes regain equity (meaning they are no longer underwater on their mortgage), and the median home price rises $1.86!
Are You 1 of the 59 Million Planning to Buying A Home This Year?
According to a survey conducted by Bankrate.com, one in four Americans are considering buying a home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the housing market in 2017. home buying checklist
The survey also revealed 3 key takeaways:
- Those most likely to buy are ‘Older Millennials’ (ages 27-36) or ‘Generation X’ (ages 37-52)
- Minorities, particularly African-Americans, were twice as likely to respond that they were considering purchasing a home this year than white respondents.
- Many potential buyers believe they need to put 20% down and need to have perfect credit to own and are unaware of programs that would allow them to buy now. home buying checklist
Holden Lewis, a mortgage analyst for Bankrate.com, pointed to one big reason why many Americans are starting to consider homeownership:
“Having kids and raising a family is a primary reason why Americans take the leap into homeownership—many consider it a key component of the American dream.”source: click here
Buying and Selling in a Competitive Market
In many areas of the country, the housing market is growing and its strength has lead to a competitive market for buyers and an easier market for home owners looking to sell. Below are some top tips for those looking to enter the property and also for those looking to sell in today’s competitive market. Seller Tip: Know your property well and be honest with potential buyers Sellers are in a position of strength in today’s market, but you don’t want to lose a potential buyer and a great deal after negotiations fail, and have to re-introduce your property to the market. Make sure you know all the details and potential pitfalls of your property and be honest with potential buyers. Buyers are much more forgiving of a property’s faults if they know about them before entering negotiations. Withholding information could kill your deal later and buyers are much more accepting of faults if they are entering a competitive market. home buying checklist Buyer Tip: Be ready to close a deal and move Be alert to property listings and ready to arrange a viewing as soon as something interesting comes up. There will be lots of buyers looking for the same property as you, so when a great house is listed on Tuesday it may be off the market by the weekend. Serious buyers are ready to make an offer and close a deal quickly. home buying checklist Seller Tip: Have an organized process for receiving offers There is no golden rule on whether to accept the first offer you receive or to leave your property on the market waiting for a more attractive offer. It depends on the time of year, the town, the state and other factors that your real estate agent will be able to discuss with you, and help you come up with a plan. In some areas it can be a great idea to jump on the first good offer you receive, whereas in other areas, it is best to wait and have more showings before reviewing all the offers you have received at once. (Continue reading Buying and Selling in a Competitive Market – Click Here)