Market Update

By Jason Gelios REALTOR®

Here we are, early May 2019 and the real estate market is favoring home sellers currently. We are seeing homes flying off the market at asking or above asking price. Home buyers are having to come in strong with their offering to secure their interest in a property. The Fed is not looking to raise interest rates this year while mortgage interest rates remain low and attractive for home buyers. You can say this is causing a ‘rush’ for home buyers to obtain a home.

My take on the market.

I am seeing buyers qualified for FHA/VA having a somewhat harder time obtaining a home because of the multiple offer situations that are happening. With FHA/VA buyers, home sellers have to be a little more giving when it comes to seller concessions and meeting FHA/VA guidelines. In a hot sellers market where home sellers have more offers to choose from, home buyers approved for conventional mortgages will have a greater advantage. This does not mean that home buyers approved FHA/VA should give up. It just means that they will have to have a little more patience and diligence in this type of market. FHA/VA home buyers will have to come in stronger with their offer to compete with other conventional offers.

One of the things a home buyer, in any market, should do is be prepared. Always obtain a solid approval before going out with a REALTOR®. Be sure to choose a solid lender too. Have all your ducks in a row so that when you are able to make an offer on a home you can move fast and strong. IN a hot sellers market there is not a lot of time to think it over. Although you should never dive into something without feeling comfortable. But you should make sure you understand and know what you want in terms of location, style of home, the right financing, etc.

Happy house hunting!