Many things can affect real estate affordability at any given time. Just this time last year, we saw significantly decreasing interest rates for home loans, but also a shockingly low inventory of both buyers and sellers as the coronavirus ripped through the economy, affecting everything in sight.
Now that the worst of the virus is relatively behind us, the housing market is slowly recovering, but not all factors are quite up to par with pre-pandemic levels just yet.
The interest rate is no longer as low as it was during the dark days of the quarantine, but it's not at an all time high either--it has been increasing over the past several months, albeit slowly. Note, "SLOWLY" is the keyword here--meaning that NOW is the time to take advantage of these interest rates before they climb higher.
As for the housing market's stock of buyers, we're no longer experiencing any shortages, but the market's stock of sellers still has not quite recovered, which means that the market does not have enough properties for sale to adequately meet the demand.
So essentially, while there are many other factors that can affect affordability such as flood insurance rates, how developed certain areas are, how much land is available in your city of choice--it still remains that supply vs. demand is our main troublemaker in today's market.
Part of Robin Realty's mission is to ensure that our team AND our clients are educated and kept abreast of the most prominent factors influencing the market--which enables our team to understand what kind of realtors we need to be in order to land our clients the home they want and with the best deal possible.
Watch, learn, and if you have any more questions for Tiffani Robin our Robin Realty's team, give us a call TODAY at #504-509-4771!
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Robin Realty 504-509-4771 Covington, La. Licensed in La.