Here’s a quick look at what the market’s like for buyers, sellers, etc.
Today I want to give you a quick market update in the wake of recent interest rate hikes. In March 2021, we have one of those markets where it’s good to be a buyer, seller, investor, and homeowner.
For homebuyers, rates are hovering around 3%, and although they have gone up by about 1%, they’re still very low from a historical perspective. Demand will remain strong as long as they’re at this level. Hang tight, and you’ll find your home; I know this market is extremely competitive and can be quite frustrating.
For home sellers, when you list your home and it’s priced right, it should sell within three weeks. If the price is either too high or the condition doesn’t reflect the condition of the other homes on the market, it will sit on the market and force you to reduce the price.
“This market is extremely competitive for homebuyers and can be frustrating.”
As an investor, you can still put that 20% down with a 3% or 4% interest rate. It’s a great market for you to invest in because money is still cheap.
Finally, if you’re a homeowner, this may be a great time for you to consider refinancing if you have not already. I know folks who have cut their rates in half and knocked rates down to 2.5% or below. Reach out to a local mortgage broker, or reach out to us and we can refer you to one.
If you have any other questions for us about the market or Houston real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.
