2020 was 2020…an unprecedented time in the country that affected residential real estate in both expected and unexpected ways.
The Screeching Halt
First, the expected disruption. In the spring of 2020 which is traditionally the most active time of the year for real estate, was not. As people were stopped in their tracks and tried to embrace the new normal, buying and selling were not happening- at least not right away.
The market quickly made an impressive rebound. The surge (some call it a tidal wave) in home sales that occurred towards the later part of 2020 more than made up for the spring market losses.
While none of us have a crystal ball, and 2020 has taught us of the power of the unexpected, and mocked our planning selves, we can reasonably predict some factors that can help you determine what’s best when buying a home for you and your family.
The Outlook for Buyers
Factor One: Low Inventory for Home Buyers
We’ve seen some crazy things happen as a result of low inventory. The Chatel Group are the agents to make sure your best interests are protected at all times. Don’t be one of those buyers who skip due diligence to get the house. The reality is you will need to act quickly, but you don’t have to act unwisely.
Tips and Strategies
Compromise on your list of must haves Wanted move in ready? Well maybe you will have to get the house first and plan to perform updates and upgrades on your own. This strategy can be really beneficial especially if the house has good bones and a great location.
Expand your search
Dead set on a couple neighborhoods? Keep an open mind! You may find the perfect lot and the perfect house in a less popular neighborhood. Sarah and Lisa have detailed information on all the neighborhoods that may not even be on your radar. So be open! Check out some of the homes in these gorgeous neighborhoods where Sarah and Lisa live and work every day.
Pre-Approved is Well Prepared
How much house can you afford? Getting pre-approved gets you ready to make decisions quickly and helps you focus your search on what you can afford. You can find a list of Mortgage Brokers on the Chatel Group’s Concierge page.
Factor Two: Interest Rates Remain Low
Affordable but Not Free
Low interest rates can pressure buyers to buy a house they really aren’t ready for. Do not succumb to the pressure! A low interest rate cannot undo a house that was purchased over your budget. Again, The Chatel Group and their team can carefully and calmly walk you through the financial realities of the purchase. For a quick look at your mortgage situation, use the Chatel Group’s Mortgage Calculator.
In this market, it’s more important than ever to have a knowledgeable and savvy real estate advisor. Sarah and Lisa of the Chatel Group will always work with you and represent your best interests. Contact them today!