Lakewood Balmoral Market Watch March 2022

 

I have exciting news – this month, my brokerage, Your Home Sold Guaranteed Realty, will be opening our office RIGHT HERE in Lakewood Balmoral! I have worked diligently for many years to accomplish this goal, and the day is finally here. I’m eager for The Nicholas Ryan Team and Your Home Sold Guaranteed Realty to have even a greater opportunity to serve this wonderful neighborhood. Standby for an announcement about our Grand Opening!

Speaking of serving this neighborhood. I had the honor of helping one of our neighbors list his home recently, and it was an overwhelming success! We sat down with the homeowner on a Thursday, and by Saturday we had 30 showings! That same day the seller accepted an offer for $110,000 over the asking price. Scan the QR code below to see a video of him explaining that he is “over the moon” about the process and the results our team delivered, AND to claim a report on your home and take advantage of our Guaranteed Sale Program.

I had an interesting conversation recently with one of the top real estate agents in the state of Tennessee (he sells over 500 homes per year!). He said to me “Nick, buyers are afraid of 2 things right now: high prices and increasing interest rates. But I don’t know that waiting is going to help with either of those. With low supply and continued price inflation, I see prices and interest rates continuing to rise.”

One marker for whether housing is overpriced is rent prices. For as long as monthly mortgage payments are lower than rent, investors are still able to profitably buy properties. If investors can profitably buy homes, they likely aren’t overpriced.

Another friend and fellow REALTOR sold his home in 2020 and was thinking about renting, for fear of buying a home during the pandemic. But as he looked for something to rent, he just couldn’t justify the significantly higher monthly cost compared to a mortgage for a similar home. In 18 months, his home has increased in value by over 30%! He says he is so fortunate he bought instead of renting.

As far as interest rates, they are still historically low. Even just over 3 years ago near the end of 2018, they were a full point higher. According to the St Lous FRED, the average 30-Year Fixed Rate Mortgage Average in the US was 3.85 on March 10th. Since January 2011 the average is 3.84. While they look high compared to a year ago, they are still low historically and average over the last 11 years.

My team members are masters of off-market listings and navigating multiple offer situations. Both of which are invaluable to a buyer in this market. If you are thinking about buying a home, we will find your perfect home and guide you to making a winning offer.

Text “find my perfect home” to (312) 361-8288 and we will!

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