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Real Estate Supply and Demand

by Cheryl Scott-Daniels

How Low Supply & High Demand Impacts the Real Estate Market [INFOGRAPHIC] | MyKCM

Some Highlights:

  • The concept of Supply & Demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!
  • Anything under a 6-month supply is a Seller’s Market!
  • There has not been a 6-months inventory supply since August 2012!
  • Buyer Demand continues to outpace Seller Supply!

What Would You Give?

by Cheryl Scott-Daniels

Yogi Berra said he’d give his right arm to be ambidextrous. While most first-time home buyers are not going to that extreme, it is interesting to see what sacrifices are being made according to the National Association of REALTORS® 2016 Profile of Home Buyers and Sellers.42271463-250.jpg

  • 43% - cut spending on luxury or non-essential items
  • 34% - cut spending on entertainment
  • 27% - cut spending on clothes
  • 14% - canceled vacation plans
    9% - earned extra income through a second job
  • 7% - sold or decided not to purchase a vehicle
  • 44% - did not need to make any sacrifices

Forty-percent of first-time buyers experienced some difficulty during the mortgage application and approval process. Single, male buyers expressed a higher incidence of difficulty than single females and married or unmarried couples.

“It’s not far, if you know the way.” What this expression implies is that you could have a long way to go if you don’t know where you’re going or how to get there.

Here are some definite steps that will improve your success in buying a home in today’s market.

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  • Know your credit score – the best mortgage rates are available to borrowers with the highest scores. Unless you know what your credit score is at all three major credit bureaus, you don’t really know what rate you’ll have to pay.
  • Clean up your credit – it is estimated that about 90% of credit reports have errors. Some are not serious but others could affect a borrower from getting the loan they want. It is your responsibility to know what is on your different reports and correct them if possible. You’re entitled to a free copy of your credit report each year from Experian, Trans Union and Equifax.
  • Get pre-approved – Taking the time to make a loan application with a qualified lender even before you start looking at homes will provide peace of mind, make sure that you are looking at the “right” homes and may help you negotiate the best price on the home you select.
  • Do your homework – when you find the home that meets your needs and desires, get the home inspected and research the tax assessments, school ratings, crime activity, possible zoning changes and comparable sales in the area.

Your real estate professional can make recommendations for a loan officer that could help you avoid unnecessary aggravations.

source: In Touch

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Photo of Cheryl Scott-Daniels  Real Estate
Cheryl Scott-Daniels
CSD Select Homes
991 Post Rd East
Westport CT 06880
203-341-0100
203-200-0065
Fax: 866-806-6909