Published April 26, 2022
PAIGE'S MARKET THOUGHTS
There is A LOT of speculation happening right now. This real estate market has been the talk of the town for years.
Record breaking equity accumulated, record low interest rates, record high affordability. It's been a wild ride creating a frenzy.
With interest rates on the rise, the panic has hit. We went from about 2.8% 5 months ago, they started creeping up into the 3s, quick stop at 4s, onto our current rate around 5% for a primary home purchase (close to 6% for 2nd homes & investments).
What happens when people panic? Oftentimes they freeze. They want to know what the future is going to hold before they make a move. Which means there's an opportunity RIGHT NOW.
If you've been a home shopper with little success over the last year, maybe now will be your time to jump in while everyone else is frozen. Rates at 5% are still historically low, you still have all your insane equity from your home, or savings sitting in your account ready to be put to use and will ultimately build you wealth while you sleep.
Curious what it's like to sell right now? Your equity is waiting to be cashed in to help you make your next move affordable. Also, our specific market is chock-full of well qualified Buyers with a strong cash position. That being said, with panic in the headlines and some Buyers being frozen, you may have strong Buyers, but fewer of them. So hire an Agent who can give you a real-time update of the market and what to expect when selling.
Things potentially on the horizon:
+ Contingent offers getting accepted which would drive a busier market
+ Slowed appreciation rates (not to be confused with prices decreasing)
+ Longer days on market
+ Less multiple offers
The market is changing minute by minute. It always is. But we're seeing little indicators day by day that point to some different market conditions being present than we've been used to in the last few years. Work with an Agent who is tracking these trends.
I am tracking these trends.
And I know an Agent like that in nearly any market you're looking to buy or sell in, so reach out if you need one!
