One of the questions I get all the time for my clients is: how’s the market?
Well, the answer actually is that it depends, if you’re a buyer or if you’re a seller. The good news is that the market has stayed pretty consistent from last year 2020 into the first month of 2021.
For all my buyer’s out there…NOW’S the time to purchase. The reason is that rates are still at a historic low even though they have ticked up a little bit from last year. Rates are up an eighth of a percent, which isn’t a lot but they are starting to climb.
So if you are thinking of being a buyer in 2021, now’s the time to do it. Get with a lender, get pre-approved and start looking for the perfect agent.
Here’s another bonus for buying now… we have seen an increase of about 13.5% in available inventory, which is a huge jump over last year. An increase in inventory, coupled with lower rates makes it a great time to buy.
If you’re ready to start the home buying process, here are three things that you need to do today to start getting ready for that pre-approval process:
- Two most recent W2 with tax returns and bank statements
- Two most recent pay stubs available
- Do your homework and call a few different lenders – it never hurts to get a second opinion
Getting a few different quotes is never a bad idea. It’s like going to the doctor – it never hurts to get a second opinion and it doesn’t cost you anything to interview multiple lenders. It’s important that they explain the process to you especially if you are a first time buyer.
So to wrap everything up, for buyers, 2021 is a great time to purchase. Not only do you have great low rates, you have an increase in inventory.
So, get out there, call your lender. And if you have any questions or if you need help with a lender referral, I’m always here for you.