Navigating the housing market in the summer
BRYAN, Texas (KBTX) - In the current housing market, there are more buyers than there are houses available, according to real estate experts.
Cherry Ruffino says at this time last year, her team had about a two to three week inventory of homes, but right now, they have a 90-day inventory of homes.
“Home sales are down. We’ve sold about 100 homes less this year. That means there are still buyers out there looking for homes. Although we have a 90-day supply of homes, we need an inventory of homes around the $250,000 to $300,000 range. That’s where the majority of the buyers are,” Ruffino explained.
She says if you’re a buyer, interest rates are holding at 5-6%.
“That may seem like a lot, but over history, that’s a great interest rate,” Ruffino said.
The best way to fight inflation in the housing market, according to Ruffino, is by buying a home.
“Your home is going to go up as everything else goes up, but I read a recent study that said that 72% of property managers are raising their tenants’ rent. All you’re doing when you’re renting is paying for somebody else’s house. The best time to buy is right now, and the best time to sell is right now,” she said.
If you’re selling, Ruffino says the first step is to find out what your home is worth. You can do this by calling the Cherry Ruffino Team.
If you’re a buyer, you need to get pre-qualified.
“You don’t want to start looking until you know what you’ll qualify for,” Ruffino said.
To get started, give the Cherry Ruffino Team a call at 979-691-4663 or visit their website here.
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