Monday, May 9, 2022 / by Lisa Nolan
Answers For Homeowner's Four Biggest Questions
1. Is now a good time to sell?
In short, yes. Here are the biggest reasons why:
Inventory is still at record lows and buyer demand at record highs. Low mortgage rates mean this is the perfect time to move up or downsize your current living situation for an affordable price. Sellers have leverage in a highly competitive market. This can be strategic when it comes to negotiating terms.
2. What if I sell my home, but I’m unable to find a new one to buy?
Closing dates can be worked out in the terms and are often flexible. And there are many short-term housing options available should there be a gap.
3. Home prices are high right now. Should I wait to buy?
Increasing values don’t always equate to decreased affordability. The actual cost of housing reflects a person’s purchasing power, which is a function of mortgage rates and income. It’s not just price.
4. If a lot of foreclosures hit the market, will that decrease home values?
This is a common concern about the end of forbearance and homes potentially flooding the market. Here’s why that’s not likely to happen.
Nearly 30% of borrowers in forbearance are still current on their mortgage payments. Learning from the past, many banks will negotiate modification plans with borrowers, which will enable households to maintain ownership. Most homeowners are equity rich, and many will be able to sell instead of going into foreclosure.
Contact me for answers to your questions and a free home estimate.