{"id":1002,"date":"2020-08-11T21:40:30","date_gmt":"2020-08-11T21:40:30","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=1002"},"modified":"2020-08-11T21:40:30","modified_gmt":"2020-08-11T21:40:30","slug":"current-buyer-seller-perks-housing-market","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/current-buyer-seller-perks-housing-market\/","title":{"rendered":"Current Buyer & Seller Perks in the Housing Market"},"content":{"rendered":"
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Current Buyer & Seller Perks in the Housing Market<\/p><\/div>\n

Today\u2019s\u00a0housing market<\/a>\u00a0is making a truly impressive turnaround, and it\u2019s also setting up some outstanding opportunities for buyers\u00a0and<\/em>\u00a0sellers. Whether you\u2019re thinking of buying or selling a home this year, there are perks today that are rarely available, and definitely worth looking into. Here are the top two.<\/p>\n

The Biggest Perk for Buyers: Low Mortgage Rates<\/strong><\/h4>\n

The most impressive buyer incentive today is the average mortgage interest rate. Just last week, mortgage rates hit an all-time low for the\u00a0eighth time this year<\/a>. The 30-year fixed-rate is now averaging 2.88%, the lowest rate in the survey\u2019s history, which dates back to 1971\u00a0(See graph below):<\/em><\/p>\n

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Mortgage Rates since 1971<\/p><\/div>\n

This is a huge advantage for buyers. To put it in perspective, it means that today you can get a lower rate than any of the past two generations of homebuyers in your family if you decide to purchase at this time.<\/p>\n

In addition, the\u00a0National Mortgage News<\/em>\u00a0notes<\/a>\u00a0how today\u2019s buyers have increasing purchasing power due to these low mortgage rates:<\/p>\n

\u201cPurchasing power rose 10% year-over-year\u2026With interest rates hitting record lows, buyers were able to afford $32,000 \u201cmore house\u201d as of July 23 than they could the year before with the same monthly payment.\u201d<\/em><\/p><\/blockquote>\n

This is a great perk for buyers who are hoping to potentially get more for their money in a home, something many are considering today as they re-evaluate the amount of\u00a0space<\/a>\u00a0they ideally need for their families. It is an opportunity not seen in 50 years, and one not to be missed if the time is right for you to buy a home.<\/p>\n

The Biggest Perk for Sellers: Low Inventory<\/strong><\/h4>\n

Today, there are simply not enough\u00a0houses<\/a>\u00a0on the market for the number of buyers looking to purchase them. According to the\u00a0National Association of Realtors<\/em>\u00a0(NAR<\/a>):<\/p>\n

\u201cTotal housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but\u00a0still down 18.2% from one year ago<\/strong>\u00a0(1.92 million).\u201d<\/em><\/p><\/blockquote>\n

The red bars in the graph below indicate that the inventory of homes coming into the market continues to decline. It was low as we entered the pandemic and has reduced even further this year. Houses today are selling faster than they\u2019re being listed, and that\u2019s creating an even greater supply shortage\u00a0(See graph below):<\/em><\/p>\n

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Year over Year Inventory Levels<\/p><\/div>\n

The lack of inventory has been a challenging situation for a while now, and with low mortgage rates fueling buyer demand, inventory is even harder for buyers to find today. Buyers are eager to purchase, and because of the shortage of homes available, they\u2019re encountering more\u00a0bidding wars<\/a>.\u00a0<\/em>This is one of the factors keeping home prices strong, an advantage for sellers. Lawrence Yun,\u00a0Chief Economist<\/em>\u00a0for NAR notes that this trend may continue, too:<\/p>\n

\u201cHome prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply.\u201d<\/em><\/p><\/blockquote>\n

With low inventory and high buyer demand, homeowners can potentially earn an increasing\u00a0profit<\/a>\u00a0on their houses and sell them quickly in this sizzling summer market.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Whether you\u2019re thinking about buying or selling at home, there are some key perks available right now. Let\u2019s connect today to discuss how they may play to your advantage in our local market.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

Housing Market Finish Reading Current Buyer & Seller Perks in the Housing Market<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[38,227,15,10,18,27,91,52,9,49,23,63,20,48,13,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1002"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1002"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1002\/revisions"}],"predecessor-version":[{"id":1006,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1002\/revisions\/1006"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}