Tuesday, March 22, 2022 / by Jeff Lovato
Just like groceries, gas, and everything else, house prices are going up.
And while historically low mortgage rates helped offset the higher listing prices in 2021, experts forecasted both home prices and mortgage rates to go up this year.
According to a recent report by the NAR, The median existing-home sales price rose to $357,300, up 15.0% from one year ago. This marks 120 consecutive months of year-over-year price increases, the longest-running streak on record.
The Denver Metro Area in Colorado show the number of homes closed drop 15% compared to last year. However, buyers found the median prices surge to $575,000, a 22% rise from $473,000 in February last year. Houses sit for an average of 5 days in the MLS, 1 day shorter compared to last year. New listings dropped 6% and pending listings fell by 8% compared to last year. Home prices continue to rise as expected, driven by the strong home buyer demand and limited housing supply. NAR predicts existing home sales prices will still continue to increase nationwide.
You need to know how much house you can really afford and commit to staying within that budget no matter what. Discipline is key. It may be tough but this help you avoid problems in the long run. You don't want to ruin your chances of owning your perfect home by overextending your budget.
But that doesn't mean that you have to hold off your plans of buying that dream house.
We can recommend a few of our go to mortgage companies and lenders who have a good combination of low rates and low fees, so that you can apply for a mortgage pre-approval. This will provide you an edge over other home buyers in the market who may be eyeing your target home and provide enough space to squeeze through for your finances without putting you in a tight corner.
Higher home prices means that a nice profit is coming your way. Patience and timing is everything in the buyers market.
Work with us, we can recommend the right entry time and also the best pricing for your property. Rushing in blindly without the assistance of professionals may not yield your desired results.
With The Lovato Group, we can guarantee the assistance of our experienced real estate agents to help you get the best offer for your home.
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