housing prices. So what should we do? It’s difficult to know when the right time will be to make a move. Home owners are waiting to see how high the housing market will climb before selling. Buyers are waiting to see how low the housing market will fall before buying. So how long is too long to wait? This isn’t an easy question to answer because everyones “why” is different.
Think about what happened to those home owners last year who wanted to sell their homes, and make a move but waited too long to pull the trigger. Instead of making a nice profit over and above market value they missed the opportunity altogether. Was it the end of the world? Absolutely not. They didn’t loose their normal market level appreciation, they just missed the bonus.
Today, buyers will pay a little higher interest rate, but the trade off is they will also have a better shot in securing that home at a lower sales price. The upside here is that you can refinance out of a higher interest rate loan, but you can’t always buy a home for market value. So when is the best time to buy? For some, it may be now.
Theres an open window right now for the person who is looking to capitalize on the sluggish market, and hesitancy of other buyers to get back out there and try again. Once interest rates stabilize, and most economist agree that this will happen sometime between now and late spring, the market will heat back up. With that, it would be reasonable to expect that buyers will be returning to a high pressure buying environment. All of those buyers sitting on the bench will want to come out and play soon. It might not be a bad idea to try and get ahead of that.
As I mentioned in the article, there are ways to buy a home right now for fair market value and with lower interest rates. If you didn’t read the rest of the short article please go back and take a look, or we can chat right now.
I am scheduling appointments this week and would love to reserve a time to chat via phone, Zoom or over coffee. Please let me know what day and time you’re available and I’ll make it happen
