September 2020 Market Recap

Mortgage becomes homesearchers’ first and only choice in financing their first home because shelling out a massive amount seems to be impractical. Some get overwhelmed with mortgage rates and interests that seem to skyrocket perpetually but data shows otherwise. Recent years show that mortgage rates are relevantly low these days.

Despite this, more people become interested in visiting showing and openhouses to scout for properties. This implies that a a competitive buyer population is present and is projected to still increase in the future.

In relation to this, properties across the US spends fewer days in the market, on average, a  home lasts 17 days before a deal is approved by the seller.

This data is supported by how competitive offers are. A typical home in the market receives an average of 5.5 offers. This implies how buyers in the market are in demand. These offers compete as sellers weigh in which among the sent offers is the most advantageous on both sides.

WHAT’S AHEAD OF US?

As the demand for the best homes continues to rise and is projected to rise, we can expect that prices will increase as periods pass by. The good news is, since homes never depreciates, the value of your purchased home maintains and even augments as years go by. 

SOURCE: Keeping Current Matters June 2022