08/01/2024
Real Estate Market update!
Rates are seeing some improvements but not the drop that so many buyers are waiting for....I have been chatting with local lenders who are fighting hard to get grants for homebuyers to help pay down rates, help with closing costs, down payments and some have received funds from Virginia Housing to pay down the interest rate by 1%.
After Fed meetings this week - there are talks of a cut in September which should favor some relief in the housing rates..
While this is great news - this always means that more buyers will rush into market place thus decreasing inventory and then more competition = increased house prices.
Also, with the NAR lawsuit surrounding commissions- social media and opinions are all over the place allowing fear to take over and adding more confusion to the home buying process. Not to mention - the newsfeeds lately are overwhelming from political party fights, men boxing in the Olympics, inflation, rent prices and who is right and wrong on the opening of the Olympics - ITS A LOT!
Not even as homebuyers or sellers- adulting is a bit overwhelming!!
My job as a REALTOR is to be the subject matter expert in my field. It is to stay on top of the market. It is to talk and learn from the experts and to educate my clients.
The key there is EDUCATION. Soo many renters are renting because they think they can't purchase their own home. They are overwhelmed and its just easier to fill out short application and rent. I get it.
I met with a Sr VP of new apartment housing project who will be sold-out before grand opening. She stated the same. Not enough education and the mindset of needing 20% down and 800 credit scores. The market has changed and will ever be shifting. Just like going to an attorney for legal advise or to a doctor when we are ill. Trust you're REALTORS.
If you want to just have a chat about real estate or stay up to date on the market, I'd love to talk.
Sheila
