Buyers & Investors:

If you’re looking to buy in this market you’re going to need to be prepared to compete. In the last month alone, I’ve secured 5 properties under fierce competition. Typically multiple contracts have only been under $500k, but my clients are having to compete for properties well over a million dollars. It’s simply a supply and demand equation… There are more people looking to buy a home than sell a home right now which means it’s taking longer and costing more to buy a home.

The good news for buyers is interest rates continue to be low. This means the same price home purchased one year ago versus today will have a 10% lower payment with today’s interest rates. If you have a super strict budget, I recommend looking 10% below it so that you have room in the budget to compete for the house you want. If you’re not up for a competition, there are lots of fantastic new construction communities just outside of the city. Just remember, you MUST take me with you on your FIRST visit to any new build community or you forfeit your right for representation.

For those still renting, lease prices have gone up 11.6% over the last 2 years alone. If you have decent credit you only need 3-5% in a down payment to get a home. Without travel, shopping and going out this should be much easier to attain if you’re still employed (which I hope you are because that’s also required to buy a home. LOL).

Key takeaway for Buyers & Investors: It’s possible to get a house in this market, but you need to have the right agent (ahem, me) who is willing to go to bat for you.