Mortgage applications take a hit, but they remain strong

In this hyper-partisan time, it can be hard to get the good information about how things are going in this country. Everyone seems to want to put a spin on it, which can be really hard to try to get the information you need.

Likely, you’ve heard about the 1,000 plus point stock drop. This volatility in the stock market was accompanied by a 4.1 percent drop in mortgage applications. Now these are just facts of what happened, but there is more to the story.

So, here is what you need to know about what the market is like for each of you:

The market is still great

Yes, we did take a hit in the amount of people applying for mortgages. But when you’re riding on the crest of a wave, a slight dip is still an improvement. We’re still up 2.8 percent over this time last year, and we’re likely to keep moving up.

Obviously, the process of buying a home is an emotional one. So, a little dip can become a big thing, but it doesn’t have to be. If you’re looking to buy or sell, this spring will be one of the best times of the past decade. So, put in your application and be ready.

Prices high, it’s time to sell

If you’ve been looking to sell your home and downsize, upgrade, or just get a change of scenery, now is the time to sell. Over the past few months we’ve seen a major rise in prices. This is simply because there has been a lack of inventory to sell. So, now is a good time to sell. I have had a few homes sell within a week. In fact, I had three homes in the same neighborhood that I listed, and each of them sold in the first week. That means that there is a real need for good homes on the market. So, don’t miss the chance to get the best deal when selling your house.

New homes on their way

The market may not have a ton of homes available for immediate delivery, but builders are looking to answer that call. New luxury communities are on their way. Major national builders and many local builders have announced plans to bring new communities into some of the best areas in Chester and Delaware counties for 2018. That means that competition will help you get into a great new home. So far, we’ve already seen quite a few of these new communities sell out on the first day that they were available.

So, with so many people bringing their new homes onto the market in similar places, with similar price points, and quality builds this is the time to move into one of these gorgeous homes.

First-time buyers

First-time buyers need to be a little bit more careful, depending on their price point. It’s still a good time to buy, but with the high prices and low supply, it might be a little harder to find homes valued below the $300,000 mark. Naturally, keeping with the lower prices points in a rising market can be hard. However, that doesn’t mean that you can’t buy.

When you are looking for a realtor, you may want to find one with experience in renovations or building. It will be great to get the expertise about what you’re looking at with the house, and the

potential to renovate the home the future.

I know that with your emotions running high as you’re selling your home, you’ll want to duck and cover at the first sign of trouble. But now is not the time to fold. Stay in the market and you’ll get what you want. Happy Hunting this spring.