The real estate market looks completely different than it did two years ago, and for the first time in a long time, it might actually be better than before. There is no denying that we are in the middle of a real estate boom in 2021. In Illinois, we are seeing more real estate business than ever before. Houses are selling in seconds for more than their asking prices!
As a buyer or a seller, there are certain ways to handle the rush of real estate excitement right now. One of them is just to be patient, of course: trends analysts are predicting things will be back to normal by this time next year. The other is to jump in headfirst and see what happens. For those who are looking at real estate right now, here is what you need to know as a potential buyer or seller:
A Great Time for Sellers
Right now, there are way more buyers looking to purchase a home than sellers looking to give theirs up. That makes it a great market for sellers: you can ask for top price and actually get it. Many sellers are getting multiple offers in mere minutes that are significantly higher than their actual asking price. Just because it is a seller’s market, however, does not mean that the work will do itself. You need to make sure you are doing everything you can to present the best side of your house, including putting work into its presentation and siding with a good agent.
A Great Time for Buyers
Here’s something that many people aren’t covering: just because it is a “seller’s market” does not mean that it is a bad time for buyers. While buyers may be outnumbered, the current low interest rates mean that more people are qualified to buy property than ever before. If you did previously qualify, you may be eligible for an even better opportunity now! There are only so many more buyers than sellers because it is such a good time for buyers with accessible low interest rates. Take advantage of the situation while the getting is good!
Work With a Real Estate Attorney
With the housing market moving at its current pace, speed is on your side. Being pre-approved for a mortgage will help open doors for you, as will being flexible. Working with an experienced real estate attorney will make things so much easier for you. At Velazquez Consumer Law, LLC, we provide real estate solutions and shield you from surprises! Contact Velazquez Consumer Law, LLC today to get help navigating the current real estate market. We are here for you!
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