It's the talk of the town...
With mortgage rates continuing to rise and inflationary pressure across the country,
...it has a lot of people on edge!!
“Should I still buy a home this year?”
While this year presents unique hurdles for homebuyers, it is critical to consider the long-term benefits of homeownership when making such an important decision.
Think about this.
If you know somebody who bought a property 5, 10, or even 30 years ago,
you're unlikely to find anyone who regrets their decision to purchase.
Why is that? As a homeowner,
-
- You have more control over your living expenses.
- You build your credit score.
- You may be eligible for tax breaks and deductions.
- Your personal wealth increases when home values rise.
Here's an example of how price appreciation may pile up over time.
Home prices grew on average by more than 56% nationwide, over a 5 year period.
Home prices appreciated by an average of over 290% nationwide, over a roughly 30 year period. That’s almost triple the value of what that homeowner paid!
No wonder they are so Happy with their decision.
Did you hear the chatter in late 2022 that home prices would crash? IT DIDN’T HAPPEN!
Even though home prices have moderated in other areas from the record peak we saw during the “unicorn years”, home values in Maine have continued to increase. That means, your Maine home should continue to grow in value over the next year.
It also means, the longer you wait to purchase, the less bang for your buck you will have to do so. The sooner you purchase, the better it is for you.
Look, we know it can be scary, and the low inventory makes things challenging. Regardless of the market, we at The New England Real Estate Company have the tools, resources and the knowledge you need to be successful in your goal of having your own home. We are intensely invested in building our community by lighting the path to home ownership, for all. Even you!
Don’t wait. Let’s have a conversation.
June is a bustling time in the housing market with many people buying and selling. If you're planning a move this month, here's a quick guide to help you prepare.
Many homebuyers with children prefer to move between school years, making late spring to summer a peak time for real estate transactions. This means increased competition among buyers, so preparation is key. However, the good news is that more homes are listed for sale during this period, offering more options. According to an article from Bankrate:
“Late spring and early summer are the busiest and most competitive time of year for the real estate market. There’s usually more inventory listed for sale than other times of year . . . This is a double-edged sword for a buyer, as you will be met with more opportunities but [also] much more competition.”
During this busy season, it's crucial to work with a trusted real estate agent. They will keep you updated on the latest listings, guide you on making competitive offers, and provide insights into the true value of homes. Forbes advises:
“Approaching the market confidently, armed with good information and grounded expectations will take you far. Don’t let the hustle of the market convince you to buy something that’s not in your budget, or not right for your lifestyle.”
If You’re Selling This June
With more buyers in the market, you’re in a favorable position as a seller. Many buyers are eager to move before the new school year, often resulting in strong offers. If your home is well-presented and priced correctly, it could sell quickly and potentially at a higher price. According to the National Association of Realtors (NAR):
“Warmer weather and the end of the school year encourage more people to buy and sell, respectively. Buyers are looking to move and settle before the new school year begins, contributing to increased competition and, consequently, higher prices.”
Ensure you have a great agent to navigate contingencies and negotiations, helping you choose the best offer. Discuss closing dates with your agent, as buyers may need to adjust based on the school calendar. According to U.S. News Real Estate:
“ . . if your house goes under contract in early summer, the buyer may ask for a delay in closing or move-in until the school year finishes or their current home has sold. Alternatively, a buyer later in summer may be looking to close quickly and move in under a month. Remain flexible to keep the deal running smoothly, and your buyer may be willing to throw in concessions, like covering some of your closing costs or overlooking the old roof.”
Bottom Line
If you're planning to move this June, consult a real estate agent to understand what to expect and how to navigate the current market conditions.
