Our market is changing, so you're buying strategy should as well.
Today we’ll talk about the significant changes that are currently happening in the market and how to buy and sell despite this shift.
We’re seeing more homes come on the market. Inventory has doubled in the last 90 days, and prices are coming down. Sellers are now more flexible and are offering to pay for buyers’ closing costs so the buyer can buy down their interest rate and get a more affordable payment. If you wait for prices to go back up to sell, you’re gambling on higher interest rates.
If interest rates go higher, it can be harder to sell your home. There will be more downward pressure on home values, and fewer buyers will qualify. As the market cools, banks get more restrictive with lending, so if you want to make a move, do it now. Rates are still historically low, and there’s now a larger selection of homes.
Going forward, you will sell for less, but the next house you buy will also likely be less expensive. You will not be up against many multiple offers or a bidding war. That craziness is now over. This is a great time to relocate to a new home and still get a great deal. You can always buy down the rate if rates drop in the future, and you can always refinance to a lower rate if rates go up.
If you have questions, give me a call or shoot me a text at (602) 738-9943. I look forward to hearing from you.