2019 - How will the market change?

Happy New Year everyone!
What a tumultuous start of the year. Interst rates rose a 3rd time in  a row and the government shut down is starting to even impact the housing market.

Financing your purchase in 2019 will cost more, the question is how this will influence the market.
The past 3-4 yearsit was a hot sellers market , actually burning hot. Sometime one just threw offers on multiple properties to see what would stick. The average buyer had to submit 5 offers in the $250-500000 range in the right area. Even properties with serious flaws sold for record prices or it was just facinating that they sold at all. Towards the end of 2019 the market seriously cooled down and finally gave buyers time to look at a property twice and actually made a decision with less pressure.
The market is in the process of self correcting itself.
Of course the spring market is always full of surprises. Like always, location, condition and the right price will bring sellers the best sales price and the least time on the market..
Price it right, put it in the best condition and hire an agent who really has your best interest in mind.

Government shut down: I didn't think,  I would be even talking about it. I just assumed by this time a deal would have been brokered, people are back to work and the effects would be minimally felt.
Here we are on day 16. People will not get paid, FHA and USDA mortgages can't be approved, since those workers are considered non essential. Also the longer this takes, saleries can't be confirmed, tax returns can not be verified. Also many potential homebuyers will have to dip deeply into their savings.
Let's just hope that next week , this will be old news.

If you are planning to put your property on the market this spring, now is the time to have your agent over, get those last projects finished and de-clutter, de-clutter and think about a fresh coat of paint.

If you are planning to purchase a home, connect with your agent and your mortgage broker, bring your financial affairs in order,  and pay those credit cards down. The balance on credit cards will effect your credit score the most besides late payments. If you purchase a property in the spring get a head start on your taxes since your mortgage company wants to see it before funding your loan.

Question: don't hesitate to reach out , 6105634833 or silvia@realestatesilvia.com

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