August 2023 Newsletter
August 2023 Newsletter
🏠 Rental Market Update and First-Time Homebuyer Tips 🏠
Rental Market Insights:
In recent months, the rental market has witnessed some noteworthy shifts. An increase in available rental properties has led to a slight softening of lease prices. Interestingly, a substantial portion of inventory is not even listed on the MLS (Multiple Listing Service), making it crucial to explore various avenues when searching for rental properties.
Renting should be easy. From showings to lease execution, we handle it all. Trust us to protect you from scams and save you money through skilled negotiation. Your ideal rental home journey starts here.
Opportunities for First-Time Homebuyers:
Despite market changes, first-time homebuyers can still find opportunities to enter the real estate market. One strategy to consider is leveraging concessions offered by sellers. These concessions can help reduce your out-of-pocket expenses during closing. Furthermore, there are several options available to potentially reduce your mortgage interest rate—both permanent and temporary solutions. These options can significantly impact your monthly mortgage payments and keep you within budget.
🔑 How to Begin Your Home buying Journey:
1. Define Your Goals: Start by outlining your home buying objectives. Determine the type of property you want, preferred locations, and your budget. Having clear goals will guide your search.
2. Financial Preparation: Select a lender. Calculate how much you can afford for a down payment and monthly mortgage payments. Review your credit report and work on improving your credit score if necessary.
3. Get Pre-Approved: Connect with a mortgage lender to get pre-approved for a loan. Pre-approval demonstrates your seriousness to sellers and helps you understand your budget range.
4. Seek Professional Help: Partner with a real estate agent who specializes in your target market. Their expertise and guidance will be invaluable throughout the process.
5. Explore Loan Options: Research different mortgage types and explore options for rate reduction, both permanent (choosing a lower rate) and temporary (buying down the rate upfront).
6. Property Hunt: Start your property search online and then move to offline with in person showings.
7. Negotiation and Concessions: When you find a suitable property, work with your agent to negotiate the best deal. Don't forget to discuss concessions that can help you save on upfront costs and buying down your interest rate.
8. Due Diligence: Conduct thorough inspections and research on the property. Ensure it aligns with your needs and expectations.
9. Closing Process: Work closely with your real estate agent to navigate the closing process. Review all documents carefully before signing. Reminder to set up those utilities.😊
10. Move-In: Once the deal is finalized, it's time to move into your new home! Plan your move efficiently and enjoy your new space.
Remember, the real estate market can be dynamic, so staying informed and adaptable is key. With the right strategy and professional assistance, first-time homebuyers can make their homeownership dreams a reality even in today's market. 🏡
Here are the July 2023 stats and findings.
Monthly sales volume down 20.4%, month over month and down 3.1% year over year
5,775 home sales were the second lowest July ever reported, 2007 was the lowest on record.
Median sales price down 4.1% year over year and Down 1.8% month over month
New inventory down 39.3% year over year
Total Inventory Down 31.7% YOY
Informative Videos
Quote of the Month:
“You don't drown from falling in the water, you drown from staying there.
Most of the time, what holds us back is entirely in our heads.”
- Steve Sims -
If you are curious about any of this information or want to chat about your situation, please feel free to reply to this email or call me directly.
