Housing Market Booming: Purchase Apps Up 25% – Get Ready to Buy!

The housing market is booming! According to the National Association of Realtors, purchase applications are up 25% year-over-year. This is the highest since April 2010. And with mortgage rates still hovering near historic lows, now is the time to get ready to buy.

What Does This Mean for Buyers?

This surge in purchase applications means that buyers should be prepared for a competitive market. With fewer homes on the market and more interest from buyers, it’s important to have all your ducks in a row before you start shopping for a home.

To make sure you’re ready, there are a few things to consider. First, make sure you have a pre-approval letter from a lender. This will show sellers that you are serious about buying and that you have already been approved for a loan amount.

Second, consider what type of home you are looking for. Are you looking for a single-family home, a condo, or something else? Knowing your budget and what type of home you are looking for will help you narrow down your search.

Finally, you should have a good understanding of the local market. Knowing the average prices for homes in the area, current inventory levels, and the average time it takes for homes to sell will help you make an informed decision when the time comes to make an offer.

What Does This Mean for Sellers?

The surge in purchase applications is great news for sellers. With more buyers in the market, it’s likely that homes will sell faster and for higher prices.

However, it’s important to remember that it’s still a competitive market. To make sure your home stands out, it’s important to make sure it’s in tip-top shape. This means making necessary repairs, giving the home a fresh coat of paint, and staging it to make it look its best.

It’s also important to price your home correctly. This means pricing it at or slightly below market value. Overpricing your home can deter potential buyers and lead to a longer time on the market.

What Does This Mean for Investors?

The surge in purchase applications is great news for investors as well. With more buyers in the market, it’s likely that homes will sell faster and for higher prices. This means that investors can potentially make a bigger return on their investments.

However, it’s important to remember that it’s still a competitive market. To make sure your investment stands out, it’s important to make sure it’s in tip-top shape. This means making necessary repairs and giving the home a fresh coat of paint.

It’s also important to price your home correctly. This means pricing it at or slightly below market value. Overpricing your home can deter potential buyers and lead to a longer time on the market.

The Bottom Line

The housing market is booming! Purchase applications are up 25% year-over-year, which is the highest it’s been since April 2010. This surge in purchase applications means buyers, sellers, and investors should get ready to take advantage of the market.

For buyers, this means getting pre-approved for a loan, knowing what type of home you are looking for, and understanding the local market.

For sellers, this means making necessary repairs, giving the home a fresh coat of paint, and staging it to make it look its best.

And for investors, this means making necessary repairs, giving the home a fresh coat of paint, and pricing it at or slightly below market value.

So if you’re in the market for a home, now is the time to get ready to buy!