It’s all a matter of timing. What happens in the past effects the future and the present, the NOW. Real estate transactions are time sensitive. That means that at any given point in time the circumstances can change.
Interest rates go up or down depending on world economics, labor statistics and other factors. NOW, the 30 year fixed rate mortgages are up .5% from a year ago with they averaged 3.97%. According to the US Census, compared to a year ago the median price of a newly build home is about 13% higher this Spring.
When you are looking for a home, you should also look for a lender that offers the best interest rate and mortgage terms. In this seller’s market it is best to get prequalified for a loan so you will be ready to make an offer and when it is accepted you can work with your lender to lock down the interest rate so it will not go higher.
When you are ready to buy a home, the longer it takes to make a decision, the more opportunity there is for things to change, or to go wrong. For example, in the current market homes are in short supply and if the homes are priced right they will sell quickly. If you find the home you definitely want, don’t delay, there is probably someone else looking as well and ready to make an offer.
For example, delaying one day to sign paperwork on your offer might result in the loss of the home purchase. When you get the offer accepted, be ready to work with your lender to get them the information they need. A one day delay can become a three day delay because of the number of people who may need your information in order to make a decision about your loan.
On a standard FHA, USDA, VA or Conventional loan it takes between 30 to 45 days to go from the accepted offer to closing. Assuming everyone is doing their job, including the buyer by acting timely, everything will run smoothly.
NOW is just as important when you are selling your home. The buyers are looking NOW, during the Spring buying season for real estate. If you wait until Summer, statistics show that sales drop dramatically. If you price your home too high to begin with, you will lose the sweetheart time of the first two weeks of being on the market, the NOW in sales. After that the home can become lost in the maze of others homes being placed on the market. The internet keeps buyers informed, with comparable sales and tax information available on the internet, buyers often question why a home has been on the market so long. Trust your listing agent’s advice when pricing your property for sale in the NOW. Realtors© know the market, it’s their job.
The real estate professionals at Azalea Real Estate are keeping up with the market trends, so you don’t have to. We can help you from first look to closing and from offer acceptance to placing the SOLD SIGN on your property.
Azalea Real Estate markets your property to thousands of potential purchasers with combination of internet, social media, multiple listing service (MLS) providers and local advertising and a local office presence.
Why not take advantage of our years of sales and marketing experience, representing buyers and sellers. Call 251-865-4266 or visit my website at grandbayhomesandland.com. I will be happy to advise you on all your real estate needs. ©Aleta Boudreaux, 2018
FOOTNOTE: AS of May 4, 2018 30 year interest rates were hovering at 4.5%
Posted on May 4, 2018 at 11:14 pm by Aleta Boudreaux