Roy Zimmerman, Realtor

In today’s real estate market, low inventory and high demand are driving up home prices. As many as 54% of homes are getting offers over the listing price, based on the latest Realtors Confidence Index from the National Association of Realtors (NAR). Shawn Telford, Chief Appraiser at CoreLogic, elaborates: The frequency of buyers being willing to pay more than the market data supports is increasing. While this is great news for today’s sellers, it can be tricky to navigate ...if the price of your contract doesn’t match up with the appraisal for the house. It’s called an appraisal gap, and it’s happening more in today’s market than the norm. According to recent data from CoreLogic, 19% of homes had their appraised value come in below the contract price in April of this year. That’s more than double the percentage in each of the two previous Aprils. If an appraisal comes in below the contract price, the buyer’s lender won’t loan them...

Today’s sellers’ market provides unique challengesand benefitsfor buyers. Current low interest rates won’t last forever, and home prices are forecast to rise. If you’re a homebuyer, hang in there. Homeownership improves your quality of life, and the long-term benefits outweigh the short-term challenges.

You may have been told that it’s important to get pre-approved at the beginning of the homebuying process, but what does that really mean, and why is it so important? Especially in today’s market, with rising home prices and high buyer competition, it’s crucial to have a clear understanding of your budget so you stand out to sellers as a serious homebuyer. Being intentional and competitive are musts when buying a home right now. Pre-approval from a lender is the only way to k...now your true price range and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you’re a qualified buyer, something that can really help you land your dream home in an ultra-competitive market. With limited housing inventory, there are many more buyers active in the market than there are sellers, and that’s creating some serious competition. According to the National Association of Realtors (NAR), homes...

When you rent, you build your landlord’s wealth, your monthly payment depends on ever-rising rents, and you don’t benefit from home price appreciation. On the other hand, when you own your home, you build your own wealth, your monthly payment is locked in, and you benefit directly from home price appreciation. If you’re feeling the challenges of a competitive market, remember that homeownership is a long-term game. Persevering today will lead to financial rewards in the future.

While we are seeing some improvement, we’re still at near-record lows for housing inventory (as shown in the graph below). Here’s why. Since the pandemic began, sellers have been cautious when it comes to putting their homes on the market. At the same time that fewer people are listing their homes, more and more people are trying to buy them thanks to today’s low mortgage rates. The influx of buyers aiming to capitalize on those rates are purchasing this limited supply of hom...es as quickly as they’re coming to market. Despite today’s low inventory, there is hope on the horizon. Regarding existing home sales, Sabrina Speianu, Senior Economic Research Analyst at realtor.com, explains, In May, newly listed homes grew by 5.4% on a year-over-year basis compared to the earlier days of the COVID-19 pandemic last yearfor buyers, it means that while they can expect fresh new listings every week, they will have to be prepared to move quickly on...

The lucky winners are: Wanda Dinninger Justin Sweeney Nicole Devonshire... Nancy Chapman Katherine Rutt You won a $50 gift card to Main Spring of Ephrata can be used at most Cafes, shops and restaurants in downtown Eprhata. https://app.yiftee.com/gift-card/ephrata-local-ephrata

Over the past year, mortgage rates have fallen more than a full percentage point, hitting a new historic low 15 times. This is a great driver for homeownership, as today’s low rates provide consumers with some significant benefits. Here’s a look at three of them. 1. Move-up or Downsize: One option is to consider moving into a new home, putting the equity you’ve likely gained in your current house toward a down payment on a new one that better meets your needs something that’s truly a perfect fit, especially if your lifestyle has changed this year. 2. Become a First-Time Homebuyer: There are many financial and non-financial benefits to owning a...

Merry Christmas!! This year for Christmas we are doing a giveaway, like our page, share this post and be entered to win a $50 gift card to MainSpring of Ephrata (can be used at many shops and restaurants in Ephrata). 5 winners will be picked at random on Wednesday the 23rd. ... Thank you so much for your business and referrals in 2020!