It’s a Sellers’ Market. 
And a Buyers’ Market.

Posted by Betsy Osman on Thursday, March 12th, 2020 at 3:48am

for sale_soldThese days, our local housing market is as uncrowded as the hand sanitizer shelf at your local grocery store.

Competition is lean and the demand is mean. At the time of this publication, there are a mere 231 active residential listings in Macon County. So for sellers who are are ready to list, the lack of competition is going to add up to mean a big-time advantage.

For Brinkoetter Realtor, Louis Kappler, these days listing a home that’s priced to sell and in show-ready condition is a fast-moving process. “I was recently working with a client whose home was immaculate and priced accurately. They listed on a Wednesday morning and it was sold by Wednesday afternoon.”

Continues Kappler, “I think sellers have a real advantage right now, but having a good relationship with a realtor plays a big part. Open communication, listening to your realtor’s feedback, and articulating your goals and expectations keeps things constantly moving forward.”

But the news is good for buyers, too.

Mortgage rates are LOW. According to the Mortgage Bankers Association’s weekly survey, the rate for a 30-year-fixed mortgage dropped to 3.73% last week, the lowest level in more than seven years. So it’s no surprise that mortgage applications rose 15.1% as compared to the previous week.

According to Kim Isom, CIBM Mortgage Loan Officer, it’s never been a better time to buy. And she offers some advice for anyone considering a new home.

“Because both the housing inventory and mortgage rates are so low, competition between buyers is intense. Therefore, it’s very important that anyone seriously considering a new home gets pre-qualified. That way when you find a home that meets everything on your check-list, you can act fast. Homes aren’t on the market for long these days!”

Though Isom says she understands that the pre-qualfication process can seem overwhelming, especially to first-time buyers, it really is simple. The key is collaborating with your team of supporters. 

“It’s important to have a good relationship with a lender, a good relationship with a realtor, and that your lender/realtor team is working together. Getting pre-qualified shouldn’t take long, and it shouldn’t cost money.”

Says Isom, “During a time when serious buyers need to act fast, getting pre-approved may be the key to moving you into your dream home.” 

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