A Hot Market Doesn't Mean "As-Is" is the Easy Button
Here at Berkshire Hathaway HomeServices Smith Mountain Lake Real Estate, we know the Smith Mountain Lake market is moving fast. You might think selling your home "as-is" is the quickest way to capitalize. But before you go that route, let's chat about the potential drawbacks.
"As-Is" Doesn't Mean No Responsibility
One of the biggest hurdles buyers have faced over the past few years has been a lack of homes available for sale. But that’s starting to change.
The graph below uses the latest data from Realtor.com to show there are more homes on the market in 2024 than there have been in any of the past several years (2021-2023):
The answer is yes, and no. As an article from Realtor.com says:
In today's housing market, more and more single women are becoming homeowners. According to data from the National Association of Realtors (NAR), 19% of all homebuyers are single women, while only 10% are single men.
If you're a single woman trying to buy your first home, this should be encouraging. It means other people are making their dreams a reality – so you can too.
Recent headlines may leave you wondering what’s next for mortgage rates. Maybe you’d previously heard there were going to be cuts this year that would bring rates down. That refers to the Federal Reserve (the Fed) and what they do to their Fed Funds Rate. While cutting, or lowering, the Fed Funds Rate doesn’t directly determine mortgage rates, it does tend to impact them. But when the Fed met last week, a cut didn’t happen — at least, not yet.
Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for. While you're busy saving for the down payment, don't forget you’ll want to prep for closing costs too.
Here’s some helpful information on what those costs are and how much you should budget for them.
A recent article from Bankrate explains:
If you’re planning to move soon, you might be wondering if there'll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here's what the professionals are saying about what’s in store for this season.
Odeta Kushi, Deputy Chief Economist, First American:
Lisa Sturtevant, Chief Economist, Bright MLS:
Danielle Hale, Chief Economist, Realtor.com:
The housing market is changing, and we at Berkshire Hathaway HomeServices Smith Mountain Lake Real Estate want to keep you informed! The global Berkshire Hathaway HomeServices network just released its 2024 Real Estate Report, packed with insights to help you navigate the current real estate climate around the world.
This comprehensive report offers valuable advice for both buyers and sellers, including:
Thinking about buying a home? If so, you're probably wondering: should I buy now or wait? Nobody can make that decision for you, but here's some information that can help you decide.
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