If you are looking to buy or sell a home anytime soon, right now may be the best time to make the commitment.
Low inventory in the market has created a very fast selling environment. Houses are staying listed for less time, especially with only around 100 homes for sale in Allen County. Additionally, interest rates on many mortgages right now are under 3%, allowing buyers to get more house for their money. The president of The West Central Realtors Association, Bailey Joseph, says buyers and sellers need to be flexible and prepared before entering the housing market.
“It’s a seller’s market. We’re finding that a lot of homes get multiple offers, and multiple offers quickly. So, for the sellers, obviously that's a good thing. They’re not sitting on their home for a long time," Joseph explains. "For the buyers it puts a little bit more pressure on them. We encourage that you are approved going into the process. That you’re not out looking at homes hoping that you can put an offer in and then get approved. It’s just not working like that, because you’re probably going to be competing against two or three other buyers that are already pre-approved.”
Joseph also encourages buyers to take advantage of the Welcome Home Fund starting next month. Many banks will offer up to $5,000 grants towards the purchase of a home. Buyers should talk to their local real estate agent or lender for more details.