WHAT’S GOING ON IN THE HOUSING MARKET RIGHT NOW?

Posted on June 9, 2022 by Ken Couture

WHAT'S GOING ON IN THE HOUSING MARKET RIGHT NOW.png Bidding wars declined in recent months from a high 71% of offers down to 61% of offers, according to Redfin data. Meanwhile, mortgage rates have jumped by over 2% so far this year according to Freddie Mac data, and it’s likely they’ll continue moving higher as the Fed removes its pandemic-era stimulus programs. This is prompting many homebuyers to rush to make offers on homes before interest rates increase further. The increased demand for homes is happening at exactly the same time as a widespread shortage of housing due to over a decade of under-building. In fact, the US is currently facing a housing shortage of over 5 million homes according to the National Association of Realtors.WHAT SHOULD YOU DO ABOUT IT?

Home Buyers: If you’re a homebuyer, it may be worthwhile to re-adjust your expectations, move quickly, and be prepared to bid above the listing price in order to win the offer on your home. Although bidding wars have declined in many markets, over half of all homebuyers are still facing bidding wars.

Home Sellers: If you’re thinking of selling your home, this would be the perfect time to do so. That’s because you can likely get top-dollar for your current home and still lock in a relatively low rate and monthly payment on the new home before interest rates increase further.

Contact me for more info or to evaluate your options!

NUMBER OF THE WEEK

61%

THAT’S HOW MANY OFFERS FACE BIDDING WARS IN TODAY’S MARKET

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"Top notch service!! Ken and his team are fantastic, they really care about your needs and insuring the entire process goes smoothly. I highly recommend them whether you are buying or selling a home!"

Cynthia Woods

"The Couture Realty Team are my go-to Realtors in Las Vegas. I would trust any client with them, including my family!"

Bent Danholm

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Cynthia Woods

"Mike Evan's did exactly what I wanted, find a place to live that I would like. He was very thorough throughout the process. I would recommend Mike to anyone."

Art Pizzanello

"I purchased my home through Couture, my realtor was April. She was absolutely amazing! She paid attention to what I was looking for, always had new options for me to view and really got to know me as a customer. I highly recommend this professional team for your buying or selling needs in Las Vegas."

Holly Kimber

"Awesome Realty Company! Thank you, Regina Harris, for helping me find the perfect rental home, here in Fabulous Las Vegas! 5 stars"

Branda Mechelle

"Ken is nice, really listens to what U want in a house & is patient with working around our schedule."

September Heiserman

"We have been so blessed to have had the best, reliable bunch working for Couture Realty. Their entire team from sales representative, agents, and lenders work hand to hand for clients like ourselves. I highly recommend them and I know you will become a home owner blessed as we are. Cardte & Vida Hicks"

Cardte Hicks

"I will make it simple!!! Ken is the best!!! He is taking care of business!!! He is always available!!! No worries , no sweat!!! Only Satisfaction!!! I am doing business with him since 2013."

Bruno Dumont

"Ken is a top notch Realtor! He is definitely my go to agent for referrals in the Las Vegas area. I can't say enough about Ken's professionalism, knowledge, and experience."

Joseph McMurry

"Ken Couture is great to work with! He is knowledgeable and caring, and sure to listen to all requests. Ken throughout the entire process will communicate and be thoughtfully present when you speak. I highly recommend Ken!"

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