By Brent Robinson, Broker, Nebraska Home Sales
We seem to go directly from Winter to Summer without a Spring. After a weekend of sizzling temperatures approaching 100 degrees, I started thinking about the current housing market. If you haven’t been paying attention, it’s still a hot sellers’ market, especially in the under $300K price range, with a historically low average days on market of 3 (existing) or 5 (new construction) days. That means that over half the houses in this price range went under contract in less than 3 or 5 days, respectively. Obviously, it’s a great time to sell your house. But what about buying a house? Most sellers need to move somewhere, which leads to the question many clients often tell us REALTORS ®; “I would like to take advantage of the seller’s market when selling my home, but I don’t want to be on the buy side of the market and overpay for another house.”
What if you don’t currently own a house. Is now a good time to buy?
In case you are wondering if now a good time is to buy, chew on this information from an article from the National Association of REALTORS ®:
- For people who have purchased in recent years and plan to hold onto their homes for a normal period of home ownership, expectations of healthy gains are on firm ground.
- Home owners accumulate significantly more net household wealth than renters.
- The relationship between median family income, median home price and average mortgage-interest rate is hovering at the most favorable level [since] 1970.
- There’s never been a period in American history when home buyers had more purchasing power than they do today.
Based upon the information above, now is a GREAT time to buy a house! Even if you have to slightly over pay in this market, real estate has traditionally been a good place for people to put their money (over the long term). Keep in mind, you will need a savvy Nebraska Home Sales agent to get into the homes as soon as they become available, writing up and negotiating the strongest offer and helping you through every step of the process until you move into your new home!