The housing market is Sanford is still moving fast, according to Rebecca Lapierre of Town Square Realty. Inventory is still low compared to where a normal market would be, and there are still plenty of buyers out there, even with the recent increase in interest rates.
The current real estate boom began before the pandemic, as inventories were already low at that time. After Covid hit and interest rates dropped to record lows, prices skyrocketed.
Although Realtors are not seeing the aggressive bidding wars they did earlier in the year, when many homes were selling for $20,000-$30,000 over asking price, properties are still moving quickly. Most are selling within a couple of weeks of coming on the market, according to Rebecca.
This cooling in the market is helping first-time buyers, who often rely on government-backed mortgages from FHA, the VA and Rural Development that require smaller down payments. When the market was extremely competitive, offers from cash and conventional loan buyers who could afford to put down 20% were more attractive to sellers. Rebecca says that she is starting to see more offers from first-time buyers being accepted.
Her advice for prospective buyers now is, don’t wait. “If your finances are all lined up and you have found the perfect house, don’t let the changing market hold you back,” she says.
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