On this week’s podcast, Tia discusses all the hot topics in the industry.
The market is not slowing during our summer months and listings under $500,000 are a hot commodity. Our current listing inventory is at an 18 year low. The low inventory is causing a frenzy for homes. If you are planning on purchasing a home, you need to act fast.
We are also experiencing a record number of new escrows. Homes are appreciating above the national averages at around of 6% per year. Expect to see appraisers continue to be conservative in their valuations so the market does not runaway.
We can’t talk about the market without providing an update on interest rates. The industry has been abuzz with predictions of interest rates reaching 2%. Our partners at Security Title informed us that 30% of their escrows right now are refinancing. If you are not buying or selling, you should consider taking advantage of the refinance market.
Seller’s planning to benefit from the hot market and sell quickly have been turning to instant offer buyers like Open Door, Zillow Offers and Offer Pad. While the thought of an instant offer is certainly appealing, you might not be taking full advantage of the seller’s market. Homes priced correctly are typically selling in just one weekend. If you are interested in an instant offer, contact us first so you know all your options. As an Open Door partner, we are often able to secure a higher sales price for our clients.
The real estate market has been breaking a lot of records and so has our weather. With record heat, comes HVAC emergencies. If you do find yourself without AC don’t panic and feel like you must go with the first bid. We work with a lot of HVAC professionals and can help you make sure you don’t get price gouged. Also, don’t forget to take advantage of everything your home warranty has to offer. Our preferred home warranty company, Platinum, even does hotel rentals during the repairs. Contact us if you need a home warranty or would like to change providers.
To learn about these industry topics and more, check out the video!