Lately, we have been asked numerous times if right now is a good time to buy or sell real estate. The answer is, right now is a GREAT time to buy or sell real estate! Let’s take a look at some very unique ,market conditions that can be seen all over Douglas, Jefferson, Franklin, Johnson, and Leavenworth counties right now in the real estate market. We have been around for more than 10 years and we have never seen anything like it. We have talked to many that have been in real estate for more than 20 years and they have never seen anything like it either! There are several factors that are all happening at the same time to make this a very unique market and it is creating a win-win situation for both buyers and sellers.
1. Interest Rates: Interest rates have remained at near historic lows. If you are buying a home this is good news because money is less expensive. You will have a lower payment and in most cases you will be able to afford more home for the money. Also, good news for you if you are selling a home, buyers want to buy when interest rates are low.
2. Low Inventory Levels: There are not a high number of homes on the market in most locations. Good news if you are selling a home. You will have less competition, and more buyer’s competing for your home. This usually translates into less time on the market, and we are seeing homes that are priced correctly for their condition moving off the market faster.
3. Buyers: Due to the fact that interest rates are still low, we are seeing more buyers in the market than usual. Good news for you if you are selling a home!
4. Home Prices: Home prices have remained stable. Typically, in a low inventory situation with high demand, home prices rise. Some areas are seeing a modest rise in prices, but overall pricing has remained stable. While we have seen some increase in prices overall, it has been just enough for sellers that were a little upside down to right themselves somewhat. The stability in home pricing has helped the market to remain fairly robust. This is good news for both buyers and sellers.
So as we go into the fall market here in Northeast Kansas, there is still a good demand for homes, a need for more homes on the market, and enough buyers to go around. All in all this is creating a win-win situation for both home buyers and home sellers. Is this a good time for you to buy or sell a home? Call The Abram Team today for a free, no obligation consultation. One of our specialists can help you decide if now is a good time for you!
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