The monthly employment numbers for March came out April 2 and immediately sent the bond market interest rates higher. Just a few weeks ago rates were down to 5.25% but have now “bumped up” to 5.675%. While that sounds bad, the rates went up because the economy and job market are looking stronger and stronger with each new report. The employment report was well above expectations and therefore really shook up the market on Friday. Housing is very strong right now! Reports of houses being sold in multiple offers are increasing and traffic at Open Houses is getting strong. The one thing I’ve noticed recently is that there are many buyers writing offers that are unprepared to do so. Some buyers have shaky financing, others just are not ready to purchase or don’t understand that existing homes will have items that need repair when an inspection is performed. Some agents and loan officers are so busy or distracted that client education seems to be going by the wayside.
When buying a home, it is VITAL that you understand the entire process up to and including closing before you even write the offer. Likewise as a Seller, you not only need to understand what is involved in selling your home, but also have an agent who will do their homework on the buyers who do write an offer on your home so that you know they are prepared as well.