To say the Spring market is off to a hot start would be an understatement. With a large pool of qualified buyers looking to invest in the housing market and a lack of inventory available for these purchasers, competition is at an all time high for available properties. Because of these factors, it’s fair to say that the start of 2020 has been nothing less but busy. Why should you consider buying or selling now instead of later? Here are a few key points to consider when addressing your real estate goals in the new year.
- Interest rates are low.
Interest rates are the lowest they have been in over a decade. With an impending election on the horizon and many financial experts retracting their predictions of a recession , things look like they’ll remain consistent throughout the 2020 fiscal year. Right now, the national average is around 3.65% and holding steady. Matthew Williams of Total Mortgage, a local lender located at 117 Bellevue Avenue, suggests that ”With a strong job market fueling the economy by boosting purchasing power, we anticipate a continued growth in the housing market activity in the coming months.”
- Demand is strong.
There are not nearly enough homes available on the market to satisfy the number of buyers in the area so if you’re on the fence about selling, now is the time to consider taking advantage of this strong buyer activity and test the market with your asset. Getting ahead of those who are waiting to list in March, April and May and selling now could position yourself ahead of the competition and put your home in a prime position to trade.
- Whether you buy now or in a few months, you’re not going to lose value on your investment.
Unlike cars, boats and other assets, real estate investments rarely depreciate in value as long as they’re maintained. Buying a home in a strong market like we have here on Aquidneck Island means that you’ll be fiscally protected and that you’ll be making a sound financial investment towards long-term wealth.
- Prices are still gradually increasing.
Although home prices are slowing down gradually, they are still on the rise. If you’re a buyer, that means its time to start considering a purchase rather than continuing to pay rent. I have a lot of friends my age who are concerned that they are going to get priced out of their own neighborhood based on the recent market trends that have permeated Aquidneck Island. It’s an inevitable reality that we all have to face and one that should be strongly considered when determining if now is the right time to buy.
If you’re a seller, your property is most likely sitting at close to pinnacle value at this point. With warmer months ahead and a lack of inventory on the market, why wait until everyone else lists their property? Think about getting ahead of the game and marketing your home now while everyone is waiting for the perceived “Spring market” to begin, when in fact we are already a few weeks into it at this point.
If you’re considering testing the market, whether as a buyer or a seller, please feel free to contact our in house real estate consultant, Tyler Bernadyn of William Raveis Realty for a free consultation.
If you have any questions about this editorial, the home buying process or if you are in the market for a new home and are unrepresented, please contact Tyler Bernadyn at 401-241-1851 or Tyler.Bernadyn@Raveis.com.
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