It’s time to make your next move!

April 30, 2020

Amidst the Coronavirus many buyers and sellers are sitting tight.  Just waiting for the stay at home order to be opened up before making a move, but believe it or not, the Topeka real estate market is hopping right now.

Interest rates are at a historic low

In the recent weeks the 30-year fixed mortgage rate averaged 3.31% and continues to bounce around in the mid to low 3% range.  A year ago, mortgage rates stood at 4.17%.

With lower interest rates help buyers it two ways;

Lower rates equals lower payments!  If you are considering buying a $100,000 home at the average 3.31% interest rate, your principal and interest would be $439 per month…. compared to last years 4.17% interest rate which your principal and interest would be $487 per month.  That is a savings of $48 per month for the same home you might have purchased last year!

Lower rates give you more buying power!  If your budget allowed you to spend $500 per month for principal and interest, in 2019 at the 4.17% rate, you could have purchased a home for $102,600.  Today at the average 3.31% rate, for the same $500 per month payment, you can buy a $114,000 home! That is an additional $11,400 you could spend on a home and maintain the same payment! 

Our market is competitive right now

In the Topeka market we are still selling homes, when priced right sell within 24 hours and with competing offers.

In the last 30 days 206 homes went under contract!  Exactly half (103) sold in 7 days or less and 52 of those sold within 24 hours of listing.

Another item to note is that 245 sellers decided to list their homes in the last 30 days.  If 245 homes came on the market and 206 went under contract, odds seem very good that there is currently a buyer out there right now looking for a home like yours.

It’s a great time the make a move!

Industry experts expect a huge influx of buyers and seller coming out of the woodwork in the next few weeks and the stay-at-home orders loosen up.  These will be all the people who wanted to take action this spring who have been “waiting.”

As a buyer, getting pre-approved now will put you in the best buying position so when you find the perfect home and will save you a few days in the process which could cause you to lose your dream home to an already qualified buyer.  You can get started HERE!

As a seller, right now buyers are fighting over the best homes and with more buyers coming on the market soon, this is a great opportunity to maximize your equity.  The current low inventory of homes in our area gives your home even a better chance for a quick sale.  Now is a great time to get your home on the market before the big influx of new sellers (your competition) and take advantage of the hot buyers searching for a home today!

Give us a call and let us show you how our 50+ marketing plan can help you price your home perfectly, expose it to the most possible buyers and get the most out of your home in this amazing market!  (785) 806-2711

 

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