Macomb County Michigan: Buying or Selling In a Pandemic: Is Now The Right Time?
By: Rick Giese RE/MAX First
If you or your clients have been wondering the same, I'd like to share a few points worth considering. Because while the market isn't perfect, there's still a case to be made for why now could be a good time to buy, if your clients can find a home they like within their budget.
Homes aren't getting any cheaper, even in a pandemic – According to Freddie Mac, on average, the prices of homes across the nation have doubled since December 2000. Also, Realtor.com shared statistics showing that median listing prices are 5.6% above where they were a year ago.
All this to say, waiting to buy could result in paying a higher price or getting priced out of the market.
Mortgage rates are still generously low – Buying (or refinancing)
Sellers are optimistic and may be yearning for liquidity– In the same Fannie Mae survey mentioned at the top of this e-mail, there was a jump from 32% to 41% of people who felt now is a good time to sell.
Depending on the seller, they may be looking to shed their monthly mortgage payment and get some liquid cash, and that may provide a little wiggle room for negotiation.
Once again, if you can find a home that love within your budget and feel confident about your employment, now would be a great time to buy or sell.
Thinking of selling?
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Rick Giese RE/MAX First