and what they mean for you
Like many businesses that rely on face-to-face interactions, the Lincoln real estate market was hit hard this spring and summer as Covid-19 took hold in the U.S. While restrictions have made it difficult for prospective buyers to see homes in person, many buyers are still showing interest. Here’s what these trends mean for you as we look forward to the fall and winter.
What current market trends mean for sellers:
Despite the many challenges brought on by the pandemic, now is a great time to sell your home. Historically low interest rates are pushing more prospective buyers into the market, while inventory remains low. In fact, the number of homes for sale in Lincoln has decreased by about 20% compared to last year. This makes for a competitive market as prices continue to slowly rise and homes sell fast.
For sellers, these conditions could be quite profitable, but it’s also crucial to price your home right — something a real estate agent can help you with. You’ll also want to put in the work to make your home stand out from similar ones in the area. Bump up your curb appeal by trimming hedges, planting flowers or adding some fresh paint to your front door.
What current market trends mean for buyers:
Interest rates are historically low, hovering around 3.5%, compared to 6% in 2008. This is great news for buyers but could mean a lot more competition than in the past. You may need to be prepared to offer more than the asking price to compete with other buyers.
The good news is with some preparation and a little bit of patience, you can find the right home for you and lock in a mortgage that has you paying less interest over time. Start by researching different neighborhoods and comparing lenders before going to look at listings so you have an understanding of the home’s value and your financial standing.
This year has brought many challenges to the real estate market and the overall economy. But despite all this, the Lincoln real estate market has remained steady, making now a great time to buy or sell a home.