In July’s livestream call, Joseph Lewkowicz gives a brief overview of this month’s market report. He states, this month is the best time to sell and will continue to be a good time up until school starts. Then, in February the market will begin to slow down. One slight difference in this year’s market as compared to last year for July, is the subtle rising of interest rates. It seems as though, while buyers are still looking to buy —even with the rising rates— this still has been somewhat of a deterrence for some looking to purchase a home.
Sellers are finding that they need to be more realistic as far as pricing is concerned. As a result, buyers are becoming more indecisive because of the rising interest rates and have made the overall market time slightly longer than usual. In some cases, properties have around a 20% increase in overall payments, making these homes much harder to sell. Joseph pulls an article from the Tampa Bay Times, referencing that there have been construction issues that may have been a part of the decreased sales when compared to last year’s July sales. Regardless of the increase in rates, Joe remains adamant that July is still the best month of the year to sell.
With that being said, regardless of the month’s sales being slightly lower compared to last year’s sales, July is still the hottest time. The beginning of August will also be an excellent time to put properties on the market; although, according to predictions if you want to move you should be aiming to do so as quickly as possible. In one example, Joe explains how one of his clients decided to speed his selling process along to sell by the end of July when it was explained to him that his house would be worth $40,000 less if he decided to wait any longer. The lesson to learn: acting quickly is more than likely the best option for those looking to put their house up for sale.
A series of questions concluded the last section of the livestream call, mostly asked by first-time homebuyers. Joe states that the first step in buying a home for new families is to become pre-approved for a mortgage and to be aware of how much you can afford. Researching information that is important to your situation is also a good idea to keep in mind. For example, if you’re looking into starting a family soon, then it may behoove you to research the schools in the area. As far as buying homes before selling is concerned, it is essential to be clear on your objective and be sure to understand what is affordable for you. The last thing you want is to be stuck paying two mortgages for an extended period, so if you are still unsure about anything, contact Joe Lewkowicz to get more specific information.
To catch all the questions in the Livestream call, click to watch on Joe’s TV Channel: https://www.youtube.com/channel/UCwVCxXv6wT0S-LDFORWTwNw
A realtor with extensive knowledge is essential to navigating the real estate market, especially in the Tampa Bay area. Joseph Lewkowicz’ 40 years of experience offers the best help for all buyers and sellers with questions on the housing market.
For more information on the current real estate season, check out Joe’s monthly livestreams at https://josephlewkowicz.com/livestream
To watch the full July Market Recap report, visit Joe’s TV Channel: https://www.youtube.com/channel/UCwVCxXv6wT0S-LDFORWTwNw