The Scaries.

The market scaries have been a real thing starting off this new year.

Mortgage rates, rental increases, and low inventory are scaring buyers and sellers out of the market.

But as we move into the spring season, mortgage rates have started to tick lower which is a sign of progress towards affordability for buyers and hopefully will open the market for more sellers.

Lately we have seen limited houses on market, which will hopefully get better with weather warming up. My guess is homeowners are having a hard time selling with their low interest rate of 2.5%, but can you blame them.

A look into the positives.

Long-term benefits outweigh short-term challenges the current market has buyers facing. The financial benefits homeownership provides, like home value appreciation and equity grow over time. Owning a home grows your net worth, and since building wealth takes time, it makes sense to start as soon as you can. If you wait to buy and keep renting, you'll miss out on those monthly housing payments going towards your home equity. When you are renting you are paying someone else's mortgage and helping them build wealth.

Which brings me to rental increases, which are predicted to rise 10% - 15% this year in the FM area. At this rate some renters will be paying the same amount as they would for a mortgage.

Mortgage rates are constantly changing, and 3% interest rates were NOT normal, as much as we wish they were. Did you know? The average interest rate for the last 30 years is 7.75%, which is higher than the current rate. I know it always sounds cheesy, and probably gets annoying to hear, but I'll say it anyways. Remember that you are "dating the rate and marrying the house". If you find the right home, there is always a chance that you can refinance in the future.

With a good realtor helping you find your dream home, and having a mortgage lender who is good at getting creative is what you need in today's market. A creative lender looks for ways to lower your rate, meet your goal monthly payments, and help you find ways to get the home of your dreams!

I will say this, buying a home doesn't always start with the home of your dreams. My first home was a 1920's home that needed some work, but after putting in the sweat equity I was able to use the money from that home sale to buy another home. We all have to start somewhere, and as I said earlier building wealth takes time!

Home prices will increase. According to the Home Price Expectation Survey, which polls over 100 real estate experts, home values will go up steadily over the next few years after a slight decline this year. A bright outlook for the housing market future.

Spring prediction.

• As the weather warms up, I think we will see more sellers and more buyers coming into the market.

• Sellers, with still low inventory and multiple offer situations still happening, this is a good time to sell.

• Waiting to buy a home could mean it'll become more expensive to do so.

• Buying now means the value of your home, and your net worth, will likely grow over time.

Overview.

It is never a bad time to go over your options and plan your future, talking with an agent and lender who can help lay out everything and decide what the best move is for you! As an agent, I want what is best for you and hope to be there with you for the long run, like they say friends come and go but realtors are for life. I'm here to help you reach not only your home goals today and in the future, but your financial and life goals as well!