OZARK, Mo. (KY3) – Real estate agents are expecting the housing market to heat up for springtime, and there are some important tips to keep in mind if you’re looking to buy or sell.
Interest rates have dropped some since November, but are still high. Still, real estate agents like Guy Callaway with Callaway Gardner Realty powered by Keller Williams expect prices to increase in the spring.
“We’re beginning to heat up for the spring market and seeing we’re seeing listings increase. We’ve seen interest rates come down from November to now. So we’re beginning to see increased demand for buyers, more buyers coming into the market. So, obviously, as demand increases, that could put pressure on pricing,” said Callaway.
Callaway says that despite those high-interest rates, buyers can still get more home for less than before.
“Buyers can get about ten percent more home for the same monthly payment than they could get in November,” said Callaway.
Callaway encourages buyers who are interested in the market to get involved now, even with high rates, because if prices go up, you’ll be paying a higher monthly payment, even if interest rates drop.
“Buyers should be looking to buy now is the way that I do look at that. If interest rates do come down more in the future, you have an opportunity to refinance. If they come down, and that does put pressure on pricing, it can be more expensive to buy when those rates come down,” said Callaway.
Your first step when it comes to buying a home is to look for a lender. They can show you the buying power that you have. Then, you want to get a real estate agent.
“It’s very important to get a real estate agent because they can advise you through the process and help you through inspection processes, helping with lenders, and just understanding what’s happening and finding somebody that knows the local market that you’re in,” said Callaway.
It’s not recommended you forgo inspections as well. Even if the market is competitive, you still should get an inspection to know what you’re looking at when you’re buying.
Now if you’re looking to sell your home, now’s a good time for that as well. Callaway recommends the first thing you do is make sure your house is clean and up-to-date.
“One of the most important things with selling a house is making sure it’s in good condition. It is amazing how important doing your regular maintenance on a home and keeping it up-to-date will maximize the value that you have, when you’re really thinking about selling it. There are some updates and painting and cleaning that you may want to look at doing,” said Callaway.
Your next step? Get in touch with a realtor. It’s easier than trying to guess your home’s value on your own.
“Having a real estate agent come to do a market analysis on your house, even if you’re not ready to sell today, again, can be a great conversation so you can understand what is happening in the market. We talked a little bit about pricing and how that can fluctuate. You don’t know how the pricing has changed on your house if you’ve not had a conversation with the real estate agent,” said Callaway.
The Federal Reserve predicts interest rates may fall more into March, but if you’re looking to buy or sell, falling interest rates can mean higher home prices. Keeping an eye on the market and talking to a real estate agent are your best bets if you’re looking to get into real estate right now.
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