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These past two years have been eventful, both for the global community and especially for that of the real estate market.
Mortgage rates—the rate of interest a lender charges you for the money you borrow to purchase a home—are at an all-time low, causing those seeking home-ownership to snap-up prime real-estate opportunities while they’re still available (Solo-Lyons et al.).
The national real estate brokerage Redfin has also released data showing that after months of high-competition, the amount of properties available for sale has been able to rebuild itself. What does this mean?
More Bang for Your Buck
Once-elevated prices are now lowering with competition amongst consumers slackening. Currently, on September 12, 2021, it is roughly $500+ cheaper to pay a monthly mortgage than it is to pay an average monthly rent.
If you have the money and are looking to secure a safe home for you and your loved ones, investing in a home now also means more equity for your buck (Yale). Equity in real estate is the monetary difference between what you owe on your mortgage and what your home is currently worth. This means you can own property with a higher price on the market than the cost of buying it. Thus, by reselling, you can profit off of your purchase.
Should You Make the Move?
Bowling Green’s housing market especially is in a perfect “seller’s market” phase, meaning if you’ve been wanting to move for some time, this is the perfect chance to sell and get the most financially out of your property (Baker).
Not sure if you’re ready to sell your home? Read our previous article on signs it’s time to make the move.
Don’t wait for this once-in-a-lifetime opportunity to pass you by! At Premier Property of South-Central Kentucky, we understand our buyers’ and sellers’ needs, and ensure you receive nothing but the best offer for your home.
Premier Property: Your Property, Our Priority.