As a buyer or seller, it can be difficult to tell when it is the right time to make a move. You’ve probably read articles about the current housing market and felt overwhelmed by the information. Luckily, Tim Cowan Real Estate is here to make things simple!
From SimplifyingTheMarket.com and The National Association of Realtors:
Mortgage rates: Low mortgage rates give buyers more purchasing power today. Historically, rates were at 5.1% on average. Today, they averaging to 2.86%.
Median Monthly Payment: Buying a home is more affordable than renting, month-to-month. Renters spend $1,607 per month on average whereas homebuyers spend $1,255 per month on average.
Days on Market: Sellers can expect the process to move quickly. Homes spent an average of 35 DOM in the past; now they are spending 17 DOM on average.
Offers per Listing: Sellers can select the best offer for their situation. Listings received an average of 2.2 offers in the past. Now listings are receiving an average of 4.5 offers.
Do you or someone you know want to take advantage of these housing market benefits? Contact Tim Cowan at: