BUYERS: GET A HEAD START ON THE NEXT WAVE IN THE HOUSING MARKET.

The National Association of Realtors just released the April 2020 Existing Homes Sales report.  The report was no surprise as the home sales declined 17.2% year-over-year to 4.3 million homes. 

Buyers who forged through the pandemic to acquire a new home did so with determination as mortgages rates dropped to all-time lows, despite the fact banks upped the ante on FICO scores to qualify for loans.  

Now as America and other countries around the world begin to open-for-business some buyers who backed off from buying houses are reconsidering getting back into the market. 

1. Be positioned to buy early - Nationally, the inventory of available single-family homes is low, but sellers are still interested in making a deal.  Home prices have risen, yet there are still sellers who need to sell and are willing to discuss terms.  It is not a matter of luck; it is preparedness meeting opportunity for those looking to buy early.

2. The pool will get crowded - As buyers begin to regain a sense of how the economy is moving and find themselves more stable financially, the pool will get crowded with new buyers eager to find deals.  Don't be surprised to find bidding wars over properties or properties moving much faster than one may have thought.  

3. The wants will outweigh the needs - Now that most states have relaxed the stay-at-home standards, families are re-evaluating the utilitarianism of their home.  During the past few months, homes have become school rooms, stay at home hospitals, business offices and production centers for new businesses.  No longer will buyers be looking for the right schools, the right neighborhoods or the dream home; now their attention will be directed at finding a house that will multi-task and serve as more than a sanctuary from work.  

The next housing market wave is on the horizon.  Will you be one to ride the wave or be washed out in the swirls and swells?