Buyer & Seller Perks in Today’s Housing Market

<article class="post-2072 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-2072"><span class="entry-date">March 25, 2021</span><div class="entry-header center-block text-center"><h1 class="entry-title">Buyer &amp; Seller Perks in Today’s Housing Market</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Buyer+%26amp%3B+Seller+Perks+in+Today%E2%80%99s+Housing+Market&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fbuyer-seller-perks-in-todays-housing-market%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
<div class="fb-share-button display-inline-block" data-href="https://gilliggroup.com/blog/buyer-seller-perks-in-todays-housing-market/" data-layout="" data-size=""><a class="facebook solid fb-xfbml-parse-ignore" data-tracking="Post,Social Post Link Clicked,Twitter" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fbuyer-seller-perks-in-todays-housing-market%2F&amp;src=sdkpreparse" target="_blank"><span class="force-hidden">Facebook</span></a></div>
<a class="pinterest solid display-inline-block" count-layout="horizontal" href="https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fbuyer-seller-perks-in-todays-housing-market%2F&amp;description=Buyer+%26amp%3B+Seller+Perks+in+Today%E2%80%99s+Housing+Market" target="_blank"><span class="force-hidden">Pinterest</span></a>
<a class="linkedin solid display-inline-block" href="https://www.linkedin.com/shareArticle?mini=true&amp;url=https://gilliggroup.com/blog/buyer-seller-perks-in-todays-housing-market/?shareSlug%3Dbuyer-seller-perks-in-todays-housing-market" target="_blank"><span class="force-hidden">LinkedIn</span></a>
<a class="email dashicons dashicons-email solid display-inline-block" href="mailto:?subject=From gilliggroup.com: Buyer &amp; Seller Perks in Today’s Housing Market&amp;body=Buyer &amp; Seller Perks in Today’s Housing Market%0D%0Dhttps://gilliggroup.com/blog/buyer-seller-perks-in-todays-housing-market/" target="_blank"><span class="force-hidden">Email</span></a>
</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div>
<p><img alt="Buyer &amp; Seller Perks in Today’s Housing Market | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/03/23143434/20210325-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/03/23143434/20210325-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/03/23143434/20210325-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>Right now, the housing market is full of outstanding opportunities for both buyers <em>and</em> sellers. Whether you’re thinking of buying your first home, moving up to a bigger one, or selling so you can downsize this spring, there are perks today that are powering big moves for people across the country. Here are the top two to keep on the radar this season.<span id="more-44076"></span></p>
<h4><strong>The Biggest Perk for Buyers: Low Mortgage Rates</strong></h4>
<p><strong> </strong>Today’s most compelling buyer incentive is low mortgage interest rates. The 30-year fixed-rate is now averaging just over <a href="https://www.simplifyingthemarket.com/2021/03/09/how-upset-should-you-be-about-3-mortgage-rates/?a=712984-fa409495d5d70154d03a25e81e9540e2">3%</a>. While that’s slightly higher than the record-lows from 2020 and earlier this year, it’s still way lower than historic norms, making purchasing a home an ongoing perk for hopeful buyers <em>(See graph below)</em>:<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/03/23143438/20210325-MEM-Eng-1.png"><img alt="Buyer &amp; Seller Perks in Today’s Housing Market | Simplifying The Market" class="aligncenter wp-image-44079" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/03/23143438/20210325-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/03/23143438/20210325-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/03/23143438/20210325-MEM-Eng-1-400×300.png 400w" width="650"/></a>This is a huge advantage for buyers and helps to make owning a home attainable for more households – and there’s good reason to strive for homeownership. The latest <em>Homeowner Equity Report</em> from <em>CoreLogic</em> shows how homeowners saw major <a href="https://www.simplifyingthemarket.com/2021/03/16/what-is-the-1-financial-benefit-of-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">gains</a> in their net worth last year, all thanks to owning a home. Frank Martell, <em>President and CEO </em>of <em>CoreLogic</em>, <a href="https://www.corelogic.com/insights-download/homeowner-equity-report.aspx">explains</a>:</p>
<blockquote>
<p><em>“<strong>Positive factors like record-low interest rates and a booming housing market encouraged many families to enter homeownership. </strong>This growing bank of personal wealth that homeownership affords was noticed by many but in particular for first-time buyers who want a piece of the cake. As a result, we may see more of those currently renting start to enter the market in the near future.”</em></p>
</blockquote>
<p>Low mortgage rates are a plus for buyers right now, but experts <a href="https://www.simplifyingthemarket.com/2021/02/23/the-reason-mortgage-rates-are-projected-to-increase-and-what-it-means-for-you/?a=712984-fa409495d5d70154d03a25e81e9540e2">forecast</a> we’ll see them continue to rise as the year goes on. If you’re ready to purchase a home, it’s wise to get started on the process soon so you can secure today’s comparatively low rate.</p>
<h4><strong>The Biggest Perk for Sellers: Low Inventory</strong></h4>
<p>Today, there are simply not enough houses on the market for the number of buyers looking to purchase them, and it’s creating a serious <a href="https://www.simplifyingthemarket.com/2021/02/26/its-a-sellers-market-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">sellers’ market</a>. According to Danielle Hale, <em>Chief Economist</em> at <em>realtor.com</em>:</p>
<blockquote>
<p><em>“Total active inventory continues to decline, dropping 50 percent. <strong>With buyers active in the market and sellers still slow to put homes up for sale, homes are selling quickly</strong> and the total number actively available for sale at any point in time continues to decline.” (See map below):</em></p>
</blockquote>
<p><a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/03/23143436/20210325-MEM-Eng-2.png"><img alt="Buyer &amp; Seller Perks in Today’s Housing Market | Simplifying The Market" class="aligncenter wp-image-44078" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/03/23143436/20210325-MEM-Eng-2.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/03/23143436/20210325-MEM-Eng-2.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/03/23143436/20210325-MEM-Eng-2-400×300.png 400w" width="650"/></a>The lack of houses for sale continues to challenge the market, and with low mortgage rates fueling buyer demand, homes are hard for buyers to find today. According to the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-02-realtors-confidence-index-03-22-2021.pdf"><em>Realtors Confidence Index Survey</em></a> by the <em>National Association of Realtors</em> (NAR), the average house is now receiving <strong>4.1 offers</strong> and is on the market for only <strong>20 days</strong>.</p>
<p>Buyers are clearly eager to purchase, and because of the shortage of inventory available, they’re often entering bidding wars<em>. </em>This is one of the factors keeping home prices strong and giving sellers <a href="https://www.simplifyingthemarket.com/2021/02/24/how-much-leverage-do-todays-house-sellers-have/?a=712984-fa409495d5d70154d03a25e81e9540e2">leverage</a> in the negotiation process.</p>
<p>Homeowners who are in a position to sell shouldn’t wait to make their move. There’s a <a href="https://www.simplifyingthemarket.com/2021/02/25/are-there-going-to-be-more-homes-to-buy-this-year/?a=712984-fa409495d5d70154d03a25e81e9540e2">light</a> at the end of the tunnel for today’s inventory shortage, so listing this spring will get your house on the market when conditions are most favorable. With low inventory and high buyer demand, homeowners can potentially earn a greater <a href="https://www.simplifyingthemarket.com/2020/08/05/why-homeowners-have-great-selling-power-today/?a=712984-fa409495d5d70154d03a25e81e9540e2">profit</a> on their houses and sell them quickly in the fast-paced spring market.</p>
<h3><strong>Bottom Line</strong></h3>
<p>Whether you’re thinking about buying or selling a home, there are major perks available in today’s housing market. Let’s connect today to discuss how these favorable conditions play to your advantage in our local area.</p>
</div>
</div></article>